Dollar Vs Rupee: Rupee Jumps Sharply Today, Know the New Dollar Rate

Dollar Vs Rupee: The Indian Rupee continues its upward trend. Once again today, the Rupee surged by 40 paise. Due to the weakening of the US dollar and the strength of domestic stock markets, the Rupee appreciated by 40 paise to reach 85.05 per dollar during early trade on Monday. According to forex traders, the increase in foreign investment and the Reserve Bank of India’s (RBI) announcement of a record dividend to the government for the financial year 2024-25 have also supported the Rupee.

In the interbank foreign exchange market, the Rupee opened at 85.02 per dollar and further strengthened to touch 84.98. Later, it stabilized at 85.05 per dollar, marking a 40 paise gain compared to the previous session. On Friday, the Rupee had closed at 85.45 per dollar.

Dollar Index Falls
Meanwhile, the Dollar Index — which measures the strength of the US dollar against six major global currencies — fell by 0.34% to 98.67. Domestic stock markets also witnessed a surge, with the BSE Sensex rising 630.68 points to 82,351.76, and the Nifty climbing 187 points to reach 25,040.15. In the international market, crude oil prices also edged up slightly. Brent Crude was trading at $64.99 per barrel, up 0.32%. Foreign Institutional Investors (FIIs) remained active in the market. On Friday, FIIs sold shares worth ₹1,794.59 crore, keeping the market momentum alive.

RBI Announces Record Dividend to Government
It is noteworthy that the RBI has announced a record ₹2.69 lakh crore dividend to the Indian government for the financial year 2024-25. According to the latest weekly data released by the Reserve Bank of India on Friday, India’s foreign exchange reserves declined by $4.888 billion to $685.729 billion in the week ending May 16.