Indian Currency: Rupee has strengthened...
Thursday was a better day for the indian currency, today the indian rupee has strengthened by 37 paise to reach 75.84 / dollars. Last days it closed at 76.21. If we look at the weekly basis, then the rupee has strengthened by 63 paise against the dollar. Due to Holi, this time the week is closing on thursday as the market will be closed on Friday.
Best gain since december 24
According to dilip Parmar of hdfc Security, the rupee has now come in the strongest condition since december 24. During this, the dollar index has softened and the rate of crude oil has remained stable. Foreign investment has also helped in this. The rally in the dollar index came after the Federal Open Market Committee gave it a 25 bps lead. It also pointed to six more rate hikes to come this year.
According to dilip Parmar, this trend is going with the expectation of the market. Now this expectation has increased for 2023. The upcoming focus will depend on geopolitical news and the dynamics of risk assets.
According to Sugandha Sachdev of Religare Broking, the reason for the strength of the indian rupee is the increase in interest rates by the US Fed by a quarter of a percentage point. This is exactly as expected. Because of this, the risk appetite in the market has also picked up.
