These days there are ups and downs in the Indian stock market. On the other hand, the dollar is gaining strength. The reason for the strengthening of the dollar is Donald Trump’s statement. Trump has promised to impose new taxes on goods from Canada, Mexico and China. Due to this, the price of the dollar increased, which put pressure on the Indian market.
Earlier on Monday, the Indian stock market had performed brilliantly. Sensex rose 1,961 points to close at 80,109, and Nifty also rose 314 points to close at 24,221.
Impact on the American market
The market performed well on Monday in the United States. The Dow Jones Industrial Average rose 439 points to close at 44,735. Slight gains were also seen in the Nasdaq and S&P 500. The Russell 2000 index of small stocks set a new record, but oil and energy stocks fell. This drop was due to the drop in oil prices. The effect of these changes can now be seen in the Indian market as well.
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rise of the dollar
Donald Trump’s new tax proposals have strengthened the dollar. Trump said he will impose heavy taxes on goods from Canada, Mexico and China from day one. Following this news, the dollar strengthened 2% against the Mexican peso and also against the Canadian dollar. The value of the dollar also increased against the Chinese yuan and other foreign currencies. The strength of the dollar has increased pressure on the Indian rupee.
Falling oil and gold prices
Oil prices have fallen. The prospect of a peace deal between Israel and Hezbollah drove down oil prices. Brent crude oil stood at $72.73 per barrel. The price of gold also fell to $2,621 per ounce. All these developments will have an impact on the Indian stock market in the coming days, so investors should be careful while trading in the market.
