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The domestic markets have had a great week. During the week, stocks have seen a record rise and the growth recorded in the market during the week has been the biggest weekly gain recorded since June 2020. Not only this, the rupee, which was continuously declining this week, has also recovered and in Friday's trading, the rupee reached a 10-week high against the dollar. The recovery in the rupee has been seen due to the increasing flow from foreign investors in the country and the improving sentiments about the market. Experts estimate that further stability in the rupee against the dollar will further improve the sentiments among foreign investors and their flow into the domestic markets will increase further where valuations have now improved significantly.
Where did the rupee reach against the dollar?
At the end of Friday's trade, the rupee closed at 85.9725 against the dollar. It was at 86.3675 in the previous session. In Friday's trade, the rupee also reached the level of 85.9375, which is the highest level of the domestic currency in 10 weeks. At the same time, the rupee has strengthened by 1.2 percent against the dollar in a week. Experts were quoted in a Reuters report as saying that the sentiments regarding the domestic market have improved, which has benefited the rupee. The report said that the rupee has also benefited from the rebalancing of the FTSE All World Index along with the equity market. This was implemented on Friday, which is expected to bring an inflow of $ 1.5 billion. Market expectations increased One of the reasons for the fall in the domestic market was the fall in the rupee against the dollar. In fact, due to the sharp fall in the rupee amid concerns over valuation, foreign investors found it better to withdraw money because the sharp fall in the rupee was having a negative impact on their returns. Now that concerns about valuation have reduced, the flow of foreign investors may continue with the hope of strengthening the rupee and further stability.
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