Currency Buzz: Rupee Slips As Dollar Index Holds Above 109 Mark

15 Sep 2022 , 03:38 PM

The Indian rupee slipped after a sharp tumble in last session. INR dropped 17 basis points to trade at 79.69 per US dollar. INR fell above 79.70 per dollar mark in intraday moves. The US dollar is holding on above 109 mark after stronger-than-expected U.S. inflation data boosted investor bets that the Federal Reserve will need to stay aggressive in raising interest rates. The dollar index, which tracks the greenback against its peers, was flat at around 109.30 mark. For the local currency, there have also been some worries over the recent drop in Indias forex reserves. Indias forex reserves declined to $553.1 bn in the week ended September 2, their lowest since Oct. 2020 and down by $8 bn from the previous week, according to RBI.Powered by Commodity Insights