Indian Rupee: Dollar Strength Could Weigh

5 Sep 2022 , 06:49 AM

The Indian rupee is likely to extend decline in early trades on Monday, tracking strength in dollar overseas. The dollar index that tracks the greenback against a basket of currencies ended last week at 109.57 and is currently quoting close to recent fresh peaks at 109.93. Waning risk sentiment on account of poor economic data globally is also weighing down emerging market currencies. On Friday, rupee declined by 26 paise to close at 79.82 against the US currency. At the interbank foreign exchange market, the domestic currency opened at 79.63 per dollar. It hovered in a range of 79.61 to 79.83 during the session. The domestic unit finally settled at 79.82, down 26 paise over its previous close of 79.56. Sustained foreign fun outflows from the Indian market is also seen adding pressure on the currency. Powered by Commodity Insights