Indian Rupee: Expected To Stay Range Bound

28 Oct 2022 , 09:27 AM

The Indian rupee is expected to stay in a closed range against the dollar awaiting further cues from the Reserve Bank of India (RBI) that will hold an additional meeting on 3 November 2022. Meanwhile, strength in dollar following improved data from the US is likely to add some pressure on the domestic currency. On Thursday, rupee appreciated 34 paise to close at 82.47 against the US dollar. At the interbank foreign exchange market, the local currency opened at 82.15 and witnessed a high of 82.14 and a low of 82.51. It finally settled at 82.47 against the American currency, registering a rise of 34 paise over its last close. On the global front, the U.S. economy grew at a 2.6% annualized pace for the period, the Bureau of Economic Analysis report showed. The European Central Bank announced Thursday a 75-basis-point interest rate hike, its third consecutive increase this year. Back home, the domestic equity barometers ended with decent gains on Thursday amid mixed global cues. The barometer index, the S&P BSE Sensex, gained 212.88 points or 0.36% to 59,756.84. The Nifty 50 index added 80.60 points or 0.46% to 17736.95. Foreign portfolio investors (FPIs) bought shares worth Rs 2,818.40 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,580.10 crore in the Indian equity market on 27 October, provisional data showed. Powered by Commodity Insights