Currency Buzz: INR Settles Lower On Sustained Foreign Fund Outflows

16 Nov 2022 , 05:26 PM

The Indian rupee depreciated by 34 paise to close at 81.25 (provisional) against the US dollar on Wednesday on disappointing trade data and foreign fund outflows. A negative bias on risk aversion in global markets also weighed on the local unit. At the interbank foreign exchange market, the local unit opened at 81.41 and later witnessed an intraday high of 81.23 and a low of 81.58 during the session. Meanwhile, the greenback steadied near the flat line as investors sought renewed safe haven exposure after a missile of Russian make fell in the eastern part of Poland and killed two people. The dollar index that measures the greenback against a basket of currencies briefly plunged to a three-month low of 105.16 on Tuesday and is currently quoting at 106.32. Powered by Commodity Insights