Indian Rupee: Dollar Weakness To Support

5 Dec 2022 , 09:10 AM

Weakness in the dollar overseas is expected to support the Indian rupee in opening trades on Monday. The dollar index that measures the greenback against a basket of currencies was seen lingering near 104 mark. Meanwhile, Asian stock markets are trading mostly higher on Monday, following the mixed cues from Wall Street on Friday, as traders remain optimistic that the US Fed will slow the pace of interest rate hikes as early as next month, despite data showing stronger than expected job growth in November that allayed fears of a global economic slowdown. On Friday, rupee pared its initial gains to settle down by 7 paise at 81.33 against the US dollar. At the interbank foreign exchange market, the local unit opened at 81.11, but pared the gains and ended at 81.33, down 7 paise over its previous close. Powered by Commodity Insights