Indian Rupee: All Eyes On RBI

30 Sep 2022 , 09:05 AM

The Indian rupee is expected to commence on a slightly stronger note on Friday as dollar is seen giving up some of its large gains seen in recent times. The dollar index that tracks the greenback against a basket of currencies is currently down marginally at 112.15. However, all eyes are now on the central bank that is due to give out its monetary policy decision later today. RBI is largely under pressure to hike interest rates following major central banks across the globe that are on a tightening spree. Besides, weak shares and sustained foreign fund outflows could limit gains in the domestic unit. On Thursday, rupee recovered from record lows to settle 20 paise higher at 81.73 against US dollar. At the interbank forex market, the local unit opened at 81.60 against the greenback. It witnessed an intra-day high of 81.58 and a low of 81.94 during the session. Powered by Commodity Insights