Indian Rupee: Dollar Weakness To Provide Good Support

9 Nov 2022 , 09:08 AM

The Indian Rupee is expected to see good gains, adding to its recent wave of strength as the US dollar index has slumped to one and half month low under 110 mark. The INR ended around 81.90 per US dollar in last session. The equity benchmark indices rose for the second session in a row on Monday, supported by strength in banks, metal and auto shares. Positive global markets, encouraging Q2 numbers and persistent buying by foreign institutional investors (FIIs) boosted investors sentiment. The Nifty 50 index opened higher, but declined as the session progressed. It dropped to the days low of 18,064.75 in mid-afternoon trade. The index soon bounced back in late trade and closed above 18,200 mark. The sustained gains in local stocks are benefiting the INR. Traders are also eyeing the upcoming data on inflation in the US and India.Powered by Commodity Insights