Indian Rupee: Expected To Stay Under Pressure Amid Firm Dollar Overseas

28 Nov 2022 , 09:05 AM

Broad strength in dollar overseas is expected to add pressure on the Indian rupee in opening trades on Monday. The greenback gained appeal as safe haven currency as protests against COVID restrictions in China stoked uncertainty and dented sentiment. Against a basket of currencies, the U.S. dollar index was down 0.08% at 106.25, but off its recent three-month low of 105.30. On Friday, rupee settled 8 paise higher at 81.62 against the American currency. At the interbank foreign exchange market, the local unit opened at 81.69 and touched an intra-day high of 81.44 and a low of 81.71 against the greenback. Weakness in Asian markets amid the growing unrest in China over the unprecedented COVID restrictions and the zero-Covid policy is also likely to weigh. Powered by Commodity Insights