Rupee Jumps 58 paisa in a single day to attain a 3 month high compared to the dollar.
Since the march Indian Market saw a downside movement along with all other global markets over speculation of Pandemic, Foreign Investors sold nearly 60,000 crores worth of assets in the Indian market leading to a rise in United States Dollars (USD) and Indian rupee (INR) ratio.
1 USD appreciated to 76.86 INR on April 16, 2020, which is the highest in history. Since then, we have seen a lot of volatility in this segment, and Rupee has gained 185 Paisa since.
The Indian Rupee breached 75 marks against the US dollar intraday and closed at more than three-month high on July 2 following strong equity market sentiment and progress on the vaccine front.
This steady movement in Rupee was due to India’s Chinese Boycott Movement, strong recovery in the equity market, weak US markets, and Pandemic situation as a whole.
The currency closed at 75.01 a dollar on July 2, the highest level since March 27, rising 58 paise compared to the previous close of 75.59 a dollar on July 1.
We can expect Rupee to remain at these levels for a while and Gain further and take support near 74.50 levels by the end of July.
Overall, this is a very positive indication for the Indian Market and Indian Economy as a whole.
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