Dollar to Rupee Rate: Rupee rises against dollar, increases by 10 paise
Dollar to Rupee Rate: Rupee is showing an increase against the dollar in today's trading session. Forex traders believe that the rupee is rising due to the weakening of the dollar and positive trends in the market. There has been a slight decline in the dollar index and it remains at 104.55 points.
The rupee is witnessing a rise against the dollar on Tuesday. Due to this, the rupee rose by 10 paise to reach 82.93 against the dollar in early trade. The reason for the rise in the rupee is the rising trend in shares and investment in India by foreign investors.
Forex traders said that the rupee is rising due to weakness in the dollar and a positive trend in the market. However, the rupee is trading in a tight range against the dollar due to the slowdown in the global economy and concerns about the US Fed raising interest rates.
According to the Interbank Forex Exchange, the rupee opened 10 paise higher at 82.93 against the dollar. The rupee closed flat at 83.03 on Monday.
Gaurang Somaiya, Forex and Bullion Analyst, Motilal Oswal Financial Services, said that we expect the rupee to remain in a limited range against the dollar and trade between 82.80 and 83.20.
The dollar index, which shows the position of the US currency against the six largest currencies of the world, remained at 104.55 points with a slight decline of 0.02 percent. Crude oil benchmark Brent crude is up 0.39 percent at $90.99 per barrel.
The market opened with a rise, but later it declined. Till the time of writing the news, Nifty is down by 55.15 points or 0.28 percent at 19,940.70 points and Sensex is down by 110.90 points or 0.17 percent at 67,016.17 points.