Indian Rupee: Dollar Weakness To Support

4 Oct 2022 , 09:26 AM

Weakness in the US dollar overseas coupled with foreign fund inflows is likely to support the Indian rupee on Tuesday, October 4, 2022. Foreign portfolio investors (FPIs) bought shares worth Rs 590.58 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 423.16 crore in the Indian equity market on 3 October, provisional data showed. Meanwhile, overseas asian stocks are trading higher on Tuesday after stocks on Wall Street rallied overnight. Markets in mainland China and Hong Kong are closed for a holiday. On Monday, rupee fell 49 paise to close at 81.89 (provisional) against the US dollar. At the interbank foreign exchange market, the local currency opened weak at 81.65, fell further to 81.98 against the American currency. Powered by Commodity Insights