Indian Rupee: Expected To Stay Cautious Ahead Of Fed Minutes

23 Nov 2022 , 09:21 AM

The Indian rupee is expected to stay cautious in opening trades on Wednesday, as dollar steadied ahead of release of minutes of the Federal Reserves policy meeting that could offer clues on the outlook for inflation and interest rates. The Fed on Wednesday will release the minutes from its most recent meeting, with investors looking for any sign of discussions around moderating the pace of interest rate hikes. The dollar index, which measures the greenback against six major peers, was last down 0.14% at 106.97, having slipped 0.65% overnight. On Tuesday, rupee appreciated by 12 paise to close at 81.67 (provisional) against the US dollar. At the interbank foreign exchange market, the local unit opened at 81.72 and touched an intra-day high of 81.64 and a low of 81.83 against the greenback. The local unit finally settled at 81.67, registering a rise of 12 paise over its previous close. Powered by Commodity Insights