Indian Rupee: Dollar Debacle To Support Sentiments

11 Nov 2022 , 09:16 AM

The Indian Rupee is expected to see good gains today, adding to recent winning streak. The INR ended at 81.40 per US dollar in last session as a rally under 82 mark extended. The US dollar index has slumped near 108 mark, testing lowest in six weeks as a moderate US inflation reading pulled the currency down sharply. The US 2-year and 10-year Treasury yields posted biggest daily drops in over a decade after the October inflation data. The US consumer price index rose by 0.4% in October, matching the increase seen in September. The annual rate of growth in consumer prices slowed to 7.7% in October from 8.2% in September. The year-over-year increase was the smallest since January. Meanwhile, the domestic equity market tumbled on Thursday, tracking weak global peers. Investors around the world digested the U.S. midterm elections results and looked ahead to US CPI data. Any uptick in US inflation numbers would fuel concerns of further rate hikes by the US Fed. All the sectoral indices on the NSE ended in the red. Autos, PSU banks and consumer durables shares corrected. The S&P BSE Sensex, was down 419.85 points or 0.69% to 60,613.70. The Nifty 50 index lost 128.80 points or 0.71% to 18,028.20.Powered by Commodity Insights