Currency Buzz: INR Recovers On Broad Dollar Weakness

25 Nov 2022 , 05:31 PM

The Indian rupee settled for the day 8 paise higher at 81.62 (provisional) against the American currency on Friday on broad dollar weakness and improved risk sentiments. Positive domestic equities and foreign fund inflows supported the local unit. At the interbank foreign exchange market, the local unit opened at 81.69 and touched an intra-day high of 81.44 and a low of 81.71 against the greenback. Meanwhile, the Dollar Index, which tracks the greenback against a basket of six other currencies, fell marginally to 105.93, down more than 1% for the week and close to its three-month low of 105.30 hit last week. The dollar has struggled of late as expectations of a less aggressive pace of U.S. monetary tightening as soon as next month saw U.S. Treasury yields sink to seven-week lows earlier Friday.Powered by Commodity Insights