The Indian rupee on Monday strengthened by 30 paise to 68.57 against the US dollar in early trade at the forex market, reported Press Trust of India (PTI). The rise in Indian rupee on Monday is due to increased selling of the greenback by exporters and banks, amid a higher opening of the domestic equity market. According to forex dealers, US dollar's weakness against some currencies overseas after US jobs data showed slower-than-expected wages growth also supported the Indian currency.
Here are 5 developments from the forex market:
1. The domestic stock markets started the week on Monday on a positive note. The S&P BSE Sensex rose 229.88 points or 0.64 per cent to trade at 35,887.74 in early morning trade. The Nifty50 index surged 65.65 points or 0.61 per cent to trade at 10,838.30.
2. The rupee, on Friday, skidded to 69.03 against the US dollar in early deals before ending 8 paise higher at 68.87, largely tracking gains in key Asian units amid weak dollar overseas.
3. The rupee had touched an all-time low of 69.10 against the dollar on June 28. On Thursday, the Indian currency plunged for the second straight session to hit a fresh closing low of 68.95, sliding by 21 paise following a panic demand for the US dollar coupled with savage capital flight worries.
4. According to a PTI report, the Indian currency stands out as one of the most vulnerable and worst performing currencies in Asia with an almost 8 per cent fall in the value against the resurgent dollar bull.
5. Analysts say that trade war between China and the US is putting pressure on all the Asian currencies, but rupee is the worst hit so far. Foreign portfolio inflows into the domestic equity market has also come down due to the worries over US-China trade war, said a banker. (With PTI inputs)
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