Currency Buzz: INR Eases Amid Sustained Foreign Fund Outflows

23 Nov 2022 , 05:24 PM

The Indian rupee depreciated 18 paise to close at 81.85 (provisional) against the US dollar on Wednesday on dollar demand from importers and recovery in crude oil prices. Besides, sustained foreign fund outflows and concerns over rising COVID-19 cases in China also weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.81 and later witnessed an intraday high of 81.74 and a low of 81.87 during the session. Meanwhile, the U.S. dollar index, which measures the currency against a basket of six counterparts, was broadly flat at 107.1, after shedding 0.65% the previous day amid a pick-up in sentiment that supported riskier currencies.Powered by Commodity Insights