Currency Buzz: INR Stays Cautious Ahead OF FOMC

15 Mar 2022 , 05:59 PM

The Indian rupee settled 6 paise down at 76.60 against the dollar on Tuesday as investors turned cautious ahead of the FOMC meeting amid growing uncertainty over the Russia-Ukraine conflict. Besides, heavy selling in domestic equities and continued foreign capital outflows from the Indian market added pressure on the domestic unit. At the interbank foreign exchange market, the rupee opened strong at 76.40 against the American dollar. However, it pared gains later to enter the negative territory as investors turned cautious amid intensifying Russia-Ukraine conflict. During the day, it moved in the range of 76.32 and 76.68. Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, was trading 0.31% lower at 98.71.

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