Indian Rupee: Dollar Weakness Likely To Support

24 Nov 2022 , 09:14 AM

The Indian rupee is likely to recover against the dollar in opening trades on Thursday, tracking broad weakness in the greenback overseas. Dollar declined following the release of the minutes of the Federal Reserves early November monetary policy meeting, which provided further evidence the central bank is considering slowing the pace of its interest rate hikes. The yield on the US 10-year Treasury note dropped toward 3.7%, the lowest in a week after the latest Fed minutes while dollar index dragged lower by 0.33% at 105.62. The minutes said a substantial majority of meeting participants judged that a slowing in the pace of rate hikes would likely soon be appropriate. On Wednesday, rupee depreciated 18 paise to close at 81.85 (provisional) against the US dollar. At the interbank foreign exchange market, the local unit opened at 81.81 and later witnessed an intraday high of 81.74 and a low of 81.87 during the session.Powered by Commodity Insights