Rupee strengthens! Indian currency surges 26 paise against US dollar; at 89.92 in early trading

The rupee showed slight improvement against the US dollar on Wednesday, surging 26 paise to reach 89.92 in early trading. This came due to a weaker dollar globally and falling crude oil prices. The currency had already shown positive movement on Tuesday, ending its four-day decline.Starting the day at 90.20, the rupee kept getting stronger at the interbank foreign exchange. This follows Tuesday’s gain of 12 paise, when it closed at 90.18 against the US dollar.Anil Kumar Bhansali from Finrex Treasury Advisors LLP, was quoted by PTI saying, “The rupee opened firmer even as (US President) Donald Trump continues to threaten India with more tariffs. Exporters are expected to continue selling at high of the day on cash/spot basis while importers will buy the dips and more if the fall is close to 90 for the dollar.”The dollar’s strength against other major currencies showed a small decline, with the dollar index dropping 0.05 percent to 98.52. Global oil prices also fell, with Brent crude futures trading 1.05 percent lower at $60.06 per barrel.However, Indian stock markets showed decline. The Sensex fell by 169.64 points to 84,909.30, while the Nifty decreased by 42.35 points to 26,128.90 in early trading. Foreign investors continued their selling streak, removing Rs 107.63 crore worth of stocks on Tuesday.