Rupee strengthens for 5th day as crude oil & dollar weaken: Current status
Rupee gains 11 paise to close at 74.55.
Rupee strengthens for 5th day in a row on Monday. It is gaining momentum for 5 days now.
The Indian currency, Rupee, opens strong at 74.51. While, on Friday it closed at 74.66 against dollar. Thus, when rupee closes to gain 11 paise it was the highest of one month to end at 74.55 against US dollar on Monday.
Two main reasons why rupee strengthens for 5th day now:
- Crude prices were as low as $95/barrel until Tuesday as diplomatic solutions seem possible between Russia, US and Ukraine through negotiations. Though, at 14:38 on 22nd February, it reports a spurt at $99/barrel amid supply disruption induced fear owing to Ukraine crisis.
- Dollar remains weak.
After a strong opening, rupee had lost some of its gains due to domestic equity indices, BSE Sensex and NSE Nifty which logged loss for the 4th day. Indices have influence of global cues.
On Tuesday, 22nd February, on Foreign exchange, INR to USD is performing to earn gains, at 74.91.
However, at present NSE Nifty is at 17,108.00, that is 98.65 points low. Moreover, BSE Sensex is at 57,383.87 which is 299.72 points lower. Mainly, it’s still making loss.
At the end of the day, rupee closes at 74.55. it registers a gain if 11 paise from the last day.
