Rudra Investment Commodity Market Expert
says That Rupee found weakness on Thursday. In the initial trading, the rupee
was at 71.76 level with weakness of 20 paise against the dollar. The prices of
rupee have remained in the limited range against the dollar in the past few
sessions. This is because traders are taking precautions before the monetary
policy of the Reserve Bank of India (RBI). The central bank will announce its
monetary policy before noon.
Those traders in the foreign exchange market say that the
decline in rupee is limited today. There are three reasons for this. The
domestic stock market opens with rapid growth. Secondly, the purchase of
foreign funds is in progress. Third, crude prices have a softening trend.
Opening rupee at 71.73 level at Interbank Foreign Exchange
yesterday. Then it fell to level of 71.76 In this way, it had a weakness of 20
paise against the closed level of Wednesday. On Wednesday, the rupee closed at
71.56 with a gain of 1 paise against the dollar.
According to the Rudra Investment Commodity Market Expert,
foreign funds bought shares worth Rs 694.97 crore purely on Wednesday. Domestic
institutional investors also bought shares of Rs 525 crore. On Thursday, the
stock market opened with good growth. This reduced the pressure on the rupee.
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