Rupee Closes Stronger Against USD

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In the recent developments of the currency market, it has been revealed that the value of the Indian Rupee has moved up by 15 paisa in comparison with the US dollar. This has been revealed that after there were fresh trading operations, the rupee was at a point where it was Rs 44.55 per USD. These changes were marked in the Interbank Foreign Exchange, where the rupee gained a better position. At the closing point, it was revealed that rupee was at a position of 44.57 per dollar.

The forex trading market is full of ups and downs and there is close scrutiny kept on the position of every currency of the world. With the recent market crash that had come due to recession as well as the Japan Tsunami, the currencies are suffering fluctuations very often. "The stock market has been range-bound (fluctuating between 5200 and 5800 during much of the year), so currencies are proving to be a draw in terms of an alternate asset class”, said Alex Mathew, Head of research, Geojit BNP Paribas Financial Services.

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It was further added that, "Low margin requirement and narrow bid-ask spread make the dollar-rupee a favored contract at a time the rupee has been firming because of a reduction in the current account deficit and rising US fiscal deficit and sovereign issues in the euro zone”.

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