Currency Buzz: INR Settles Higher; Focus On Fed Minutes

22 Nov 2022 , 05:17 PM

Weakness in the dollar overseas supported gains in the Indian rupee that appreciated by 12 paise to close at 81.67 (provisional) against the US dollar on Tuesday. The dollar index that measures the greenback against a basket of currencies was down 0.43% at 107.27 tracking US benchmark treasury yields that gave up overnight gains and dipped to 3.8% today as the latest comments from the Federal Reserve (Fed) officials failed to bolster the previously hawkish bias. Cleveland Fed President Loretta Mester said the central bank can downshift to smaller interest rate hike increments from next month. Investors now await the Fed minutes for further clarity on Federal action going forward. At the interbank foreign exchange market, the local unit opened at 81.72 and touched an intra-day high of 81.64 and a low of 81.83 against the greenback. The local unit finally settled at 81.67, registering a rise of 12 paise over its previous close.Powered by Commodity Insights