Currency Buzz: INR Settles Marginally Lower

19 Sep 2022 , 05:18 PM

Strength in the greenback overseas added pressure on the Indian rupee that pared its initial gains and settled 2 paise lower at 79.80 (provisional) against the US dollar on Monday. At the interbank forex market, the local unit opened at 79.70 against the greenback. It witnessed an intra-day high of 79.59 and a low of 79.80 during the session. It finally ended at 79.80, down 2 paise from its previous close of 79.78. The dollar maintains a firm tone on Monday on continued bets of an aggressive interest rate hike by the Federal Reserve. Rising US benchmark 10 year treasury yields soaring at a decade high of 3.5% on expectations of Fed rate hike too dragged the dollar higher. The dollar index, which measures the currency against six counterparts, was stronger by 0.35% at 109.89, heading back towards a 20-year high of 110.79 hit on September 7. Powered by Commodity Insights