Dollar Vs Rupee: Indian currency rose on the first day of the month, rupee gained so much against dollar
Dollar Vs Rupee: After the GDP data released on Thursday, there has been a rise in the stock market. Along with this, there has also been a rise in the Indian currency. Today the rupee rose by 8 paise to reach 83.29 against the dollar. The price of crude oil has fallen from the level of US $ 84 to US $ 80 per barrel.
Continued buying by foreign institutional investors has opened the Indian currency with gains. Today the rupee rose by 8 paise to reach 83.29 against the dollar. The GDP data on Thursday has given a boost to the stock market.
Forex traders said the price of crude oil has fallen from the level of US$84 to US$80 per barrel. OPEC+, a group of oil-producing countries, has not made any announcement regarding reducing production for 2024.
Today in the interbank foreign exchange market, the rupee opened strong at 83.29 against the dollar and touched a high of 83.25. It later traded at 83.29 against the greenback, registering a rise of 8 paise over its previous close. On Thursday, the rupee fell 5 paise to close at 83.37 against the dollar.
Meanwhile, the dollar index was trading 0.09 percent lower at 103.41. At the same time, global oil benchmark Brent crude futures fell 0.47 percent to US $ 80.48 per barrel.
Today, the BSE Sensex was trading 284.82 points or 0.43 percent higher at 67,273.26, while the broader NSE Nifty rose 87.90 points or 0.44 percent to 20,221.05. According to exchange data, foreign institutional investors bought shares worth Rs 8,147.85 crore on Thursday.
According to government data released on Thursday, India's gross domestic product (GDP) growth rate during July-September stood at 7.6 percent. This was much higher than the 6.5 percent estimated by the Reserve Bank of India (RBI). India is one of the fastest-growing major economies in the world.