Rupee vs Dollar / Will the rupee overtake the dollar in a rapid rise? A big prediction has been made

Rupee vs Dollar: Recently, the Indian rupee may have been under pressure due to rising crude oil prices and strong demand for the dollar, but according to experts, this situation is not permanent. A tremendous jump can be seen in the rupee in the coming days. It is estimated that the rupee can soon break the level of 85 and reach 84. Market experts believe that this strength can be from 60 to 80 paise, which is based on the expectations of better recent economic data.

Rupee closed on a flat note on Wednesday

On Wednesday, the rupee started the day with pressure, which remained volatile throughout the day and finally closed stable at 85.40. This level does not show any change from the previous trading session. During the day's trading, the rupee remained between the highest level of 85.33 and the lowest level of 85.72.

The main reason for the pressure on the local currency against the dollar was the increased demand for the dollar at the end of the month and the negative movement of domestic equity markets. Investors are also being cautious waiting for domestic industrial production and upcoming GDP data.

Why can the rupee rise?

According to Jatin Trivedi, Vice President (Research), LKP Securities, the rupee also looks stable for the time being due to the stability of the dollar index. However, as soon as the key global economic data comes out - such as the minutes of the US Federal Reserve meeting, Q1 GDP and Core PCE Price Index - the direction of the rupee will be decided.

He said that if the participation of foreign funds in the secondary markets remains positive, then the rupee can be seen strengthening. He has expressed the possibility of the rupee remaining in the range of 84.80 to 85.75 in the near future.

Global factors: Crude oil and dollar index

International crude oil prices are again seeing a jump. Brent crude oil has risen 0.67% to reach $ 64.52 per barrel. The dollar index was also seen trading 0.05% higher at 99.47, keeping the dollar strong.

The reason behind this strength of the dollar is positive data such as improvement in the consumer confidence index in the US and increase in durable goods orders.

Status of domestic markets

The BSE Sensex closed down 239.31 points at 81,312.32 while the NSE Nifty fell 73.75 points to 24,752.45. However, foreign institutional investors (FIIs) bought shares worth Rs 348.45 crore, which is a positive sign for the long term in the market.