Stock Market: The rupee once again showed strength on Wednesday amid fresh investments by foreign institutional investors in the domestic stock market and expectations of a trade deal with the US. The rupee gained marginally against the dollar, but performed well against other major international currencies. The Indian currency jumped by just 2 paise today to close at Rs 88.10 (provisional). Earlier on Tuesday, the Indian currency closed at Rs 88.12 per dollar on the last trading day.
The rupee started today's trading with slight weakness. In the interbank foreign exchange market, the Indian currency started trading at Rs 88.13 this morning, with a fall of just 1 paisa against the dollar. After the start of today's trading, the rupee slipped to the level of 88.19. After this, the rupee started getting support from the purchases made by foreign institutional investors in the stock market. Due to this buying in the stock market, the inflow of dollars in the currency market increased, due to which the rupee also recovered by 13 paise from the lower level and reached the level of 88.06 with a gain of 6 paise. After the whole day's trading, the rupee ended today's trading at the level of 88.10 with a gain of 2 paise against the dollar.
In the currency market trading, the rupee showed slight strength against the dollar, but the Indian currency showed great strength against most other major international currencies. After today's trading, the rupee rose by 41.52 paise against the British Pound (GBP) to reach the level of 119.30 (provisional). Similarly, the rupee rose by 49.19 paise against the Euro today to reach the level of 103.19 (provisional).
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