Mumbai, April 3 (PTI) crossed its initial loss and settled for 22 money for 22 money against the US dollar on Thursday, as President Donald Trump weakened greenback against his leading colleagues after a mutually interaction on about 60 countries.
The domestic unit saw a response to the knee shock in the initial trade, but soon received the lost ground and the day ended on a positive note, the US said after the announcement of 27 percent mutual tariff on India that New Delhi implements high imports on American goods.
However, experts said that India is better than its rivals, who also face increased levy.
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In the interbank foreign currency, the rupee opened at 85.77 and went between 85.28’s Intrade high and the bottom of 85.78 against Greenback. The unit finished the session at 85.30 against the dollar, registering a profit of 22 Paisa from its previous closing level.
On Wednesday, the rupee settled at 85.52 against the US dollar.
Dilip Parmar, a research analyst at HDFC Securities, stated that the rupee strengthened after a dull start, as concerns about a potential recession in the United States, as a worry, combined with increasing inflation after the impact of tariffs, pressurizing the dollar.
He said, “Positive development in India’s manufacturing, foreign investment flows continue, and lack of intervention from the Reserve Bank of India has continued to support the rupee in the last few weeks,” he said, “he said,” the USD/INR exchange rate faces immediate support at 84.90, while the next resistance level is at 86.40. ” American mutual tariffs are expected to influence India’s exports of some regions to the US, said that India is better than its rivals, including Bangladesh (37 percent), China (54 percent), Vietnam (46 percent) and Thailand (36 percent).
Meanwhile, according to an official statement on Thursday, the Department of Commerce is carefully examining the implications of American mutual tariffs over India and is associated with all stakeholders, including domestic industries and exporters to take their feedback on the issue.
The Ministry of Commerce said that it is also studying opportunities that may arise due to this new development in the US trade policy.
This further stated that there is a discussion between Indian and American trade teams for a mutually beneficial, multi-regional bilateral trade agreement (BTA).
The BTA supply chain will cover a wide range of issues of mutual interest, including deepening integration.
Meanwhile, the dollar index, which detects the strength of greenback against a basket of six currencies, was trading 1.65 percent less at 102.09.
Global Oil Benchmark Brent crude, Futures Trade fell 4.10 percent to 71.88 per barrel USD.
In the domestic equity market, the 30-cheer BSE Sensex fell 322.08 points or 0.42 percent to settled at 76,295.36, while the Nifty fell by 82.25 points or 0.35 percent, closed at 23,250.10 points.
According to exchange data, foreign institutional investors (FII) on Thursday launched a price of Rs 2,806.00 crore on a pure basis. PTI DRR HVA
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