The Indian rupee rose by 61 paise to close at 86.07 against the US dollar on Friday after a huge decline in US dollar and a significant rise in the Indian stock market.
Which is the biggest one -day boom in the last two years after March 2023. Late on Wednesday, US President Donald Trump announced the postponement of mutual tariff imposed on 60 countries including India for 90 days, which led to such a strong rise in the Indian rupee. This fast was recorded today as the market was closed on Thursday. In the Interbank Forex Exchange Market, the rupee opened up to 86.22 from 86.68 on Wednesday’s 86.68 and climbed above 86 to reach a high of 85.95 at 86.07 after reaching a high level of 85.95 at 86.07. Today, the dollar index measuring the dollar position against six major currencies fell below 100. The index was seen trading at 99.335 with a decline of 1.52 percent. This index has gone below 100 for the first time in the last three years, due to which the rupee has seen a huge increase today. On the other hand, Brent crude rose 0.08 percent to $ 63.68 per barrel in futures trading today.
Rupee fell 0.73% in April due to tariff threat
From April 1 to April 11, the Indian rupee has declined by 0.73 percent, the second biggest decline in all Asian currencies. During this period, only Indonesian rupee has fallen by 1.40 percent more than the Indian rupee. However, the currencies of some other countries besides Asia have declined more than the rupee. For example, during this period, 4.31 percent in South African rand, Brazilian rand declined by 3.45 percent, Norwegian rand 1.60 percent and Australian dollars declined by 0.92 percent.
Forex reserves rose $ 10.8 billion to $ 676 billion
India’s foreign exchange reserves rose $ 10.8 billion to $ 676 billion in the week ended April 4. This week the FCA rose $ 9 billion to $ 574.08 billion, while the gold reserves increased by $ 1.5 billion to $ 79.36 billion.
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