The dollar index fell considerably, which indicates a broader decrease in the power of the dollar in the midst of continuous trade stresses. | Photocredit:
The rupid rose 61 Paise against the Greenback to settle on Friday at 86.07 (for the time being) due to a sharp correction in the US dollar and a strong rebound in the domestic stock markets.
The increase in local unity came a day after US President Donald Trump suspended the rates of 26 percent on India until July 9.
In the interbancaire foreign exchange, the domestic unit opened at 86.22, 46 Paise against the US dollar. During the Intra-Day trade it rose to 85.95 before it settled at 86.07 (for the time being), 61 Paise against the Greenback.
The rupee had established on Wednesday at 86.68.
Equity, Forex and Commodity Markets were closed on Thursday due to Shri Mahavir Jayanti.
“The rupid opened on 86.22, but the dollar was immediately sold when the dollar index fell below 100 levels for the first time in three years,” said Anil Kumar Bhansali, head of Treasury and executive director, Finrex Treasury Advisors LLP.
“The rupid is expected to be in reach of 85.75-86.25 next Tuesday after the holidays will be on Monday,” he said.
In the meantime, the dollar index, which measured the strength of the Greenback with a basket of six currencies, crashed, 1.52 percent to 99,335.
“With China who imposes a rate of 125 percent for American exports, the trade war continues, but the dollar has fallen to Asian and European (currencies),” said Bhansali.
In the domestic stock market, the 30-shares BSE Sex 1,310.11 points jumped to settle at 75,157.26, while the Nifty 429.40 points rose to 22,828.55.
Brent Crude, the global oil benchmark, rose marginal by 0.08 percent to USD 63.38 per barrel in futures trade.
Foreign Institutional Investors (FIIs) have shares worth RS 4,358.02 Crore on a net basis on Wednesday, according to Exchange Data.
Published on April 11, 2025
