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Rupee rises 9 paise against dollar

Indian rupee was trading at Rs 69.58, up 9 paise against the dollar.

On Tuesday, the Indian rupee was trading at Rs 69.58, up 9 paise against the dollar in early trade. From the RBI side the rupee has strengthened in rupee terms before the second phase of swap auction. Also, the Government of India has said that besides Iran, India has many options to buy crude. For this reason, the rupee strengthened. Besides, the positive start of domestic stock markets also supported the rupee.

 However, due to the strengthening of the dollar against the world's other major global currencies, the rupee has not been able to grow very fast. In the three years, the Reserve Bank has set a target of $ 5 billion in capital banking through dollar-swap auction. This is the second auction within a month. Rupee was up at 69.63 against the dollar in the Interbank Foreign Exchange today. On Monday, the rupee dropped 32 paise to close at two-week low of 69.67 against the US dollar.

 According to dealers, the dollar-rupee auction process of RBI is expected to strengthen the rupee. According to sources, the US has decided not to allow further countries with Iran, the second largest buyer of Iranian oil, to exclude Iran from its sanctions, to buy oil from Iran. However, the Indian government has said that the supply of crude oil will not come down in the country as there are other options.

 Meanwhile, the BSE Sensex was trading 152.78 points or 0.40 percent higher at 38,797.96. The NSE Nifty also moved up by 40.35 points, or 0.35 per cent to 11,634.80. At the same time, benchmark Brent crude futures was trading 0.39 percent higher at $ 74.33 a barrel.

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