Relief news, rupee opened 14 paise stronger against dollar
Mumbai. The rupee strengthened 14 paise to 74.52 against the dollar in early trade on Monday due to the softening of the US dollar and the rise in the domestic stock markets . According to foreign exchange traders, the positive support in the stock markets, stable crude oil prices, inflow of foreign funds and the weakening of the US currency have supported the rupee. At the start of trading, the rupee opened at Rs 74.53 per dollar. After that, it gained some more strength and reached 74.52 rupees per dollar, thus it was 14 paise higher than the closing price of the previous trading day. It closed at Rs 74.66 per dollar on Friday, the last trading session.
"There are signs of strength from Asian markets," Reliance Securities said in a research paper. Most Asian currencies opened higher against the dollar. In the coming days, with the persisting crude oil prices, the stock markets moving up and the reserve bank buying away the dollar, the domestic currency may strengthen further. Meanwhile, Brent crude futures rose 0.56 percent to $ 43.04 a barrel. On the other hand, the cases of Kovid-19 increased to 1.14 crores worldwide while 5.53 lakh people died, while the total number of corona virus infections in India reached 6.97 lakhs while 19,693 people died.