Indian Rupee: Dollar Strength To Weigh

28 Sep 2022 , 08:52 AM

Renewed strength in dollar overnight is expected to add further pressure on the Indian rupee that lingering at record low levels. The greenback strengthened on upbeat consumer confidence and a lower-than-expected decline in durable goods demand. Meantime, Chicago Fed President Charles Evans and St. Louis Fed President James Bullard made a case for more rate hikes, reaffirming the central banks commitment to tame inflation even at the risk of a recession. The dollar index that measures the greenback against a basket of currencies was up 0.44% at 114.54, fresh two decade peaks while benchmark US treasury yields spike to 4% early today. On Tuesday, rupee settled higher by 9 paise at 81.58 against the US dollar on Tuesday. At the interbank forex market, the local unit opened at 81.45 against the greenback. It witnessed an intra-day high of 81.30 and a low of 81.64 during the session. It finally ended at 81.58, up 9 paise from its previous close. Powered by Commodity Insights