Tue. Oct 4th, 2022

Fxtriangle | Market analysis | Managed trading

Fxtriangle will make Fx trading look easy.

The rupee today hit a high of 75.29 against the US dollar

1 min read
The rupee jumped sharply against the US dollar today, supported by strong domestic equity markets and government’s reopening plan for the domestic economy. Opening at 75.35 per US dollar, the rupee then gained further ground to touch 75.29, as compared to the previous close of 75.62. Rupee was at 75.47 in recent trade. The government has announced a phased exit from two-month lockdown, starting today.

The Sensex was up over 1,000 points as stocks climbed for a fourth day, buoyed by steps to start easing the nationwide lockdown. The government plans a phased lifting by allowing malls, restaurants and places of worship to open from June 8.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth 1,460.71 crore on Friday, according to provisional exchange data.

“Overall global risk sentiment is positive. From today onwards, Indian banks will be able to participate in offshore NDF markets. Asian currencies are stronger, tracking Yuan strength. Asian equities too are trading positive,” Abhishek Goenka, founder and CEO at IFA Global.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.38% to 97.96.

Meanwhile, India’s GDP growth tumbled to 3.1% in the March quarter – the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2%, the slowest in 11 years. (With Agency Inputs)

Leave a Reply

Forex trading and any instruments related to Foreign Exchange Market are Speculative and carry substantial risk of loss of either partial equity or the entire deposit amount. Leverage adds up to the risk, before considering to invest in this venture, you should first consider your financial position and may seek the help of an independent financial advisor. FXtriangle dis-recommends the usage of loan instruments to trade in this market as it can hamper financial position. Please do not invest the money that you cannot afford to lose. FXtriangle provides all its services throughout the Globe Excluding (Nigeria, British Virgin Island & the Islamic Republic of Iran) and also provides limited service in some jurisdictions where investment in Overseas markets / Fx Exchanges are prohibited by Law If you are not sure to contact us before using any of our services. FXtriangle acts as an Independent Corporate Financial Advisor and connects you to various overseas exchanges and cannot be held liable for any financial damage occurring through their side. All of our partnered institutions are regulated in various jurisdictions.FXtriangle conducts an independent background check before partnering with any institutions to fulfill your investment objectives smoothly. The usage of our Business name, Logo or any trademark in any financial forum, website, review website, complaint arena, Billboards without our written permission will attract lawsuits.