Indian Rupee: Firm Dollar To Weigh

19 Aug 2022 , 09:02 AM

Strength in dollar overseas is expected to keep rupee under pressure on Friday, August 19, 2022. The US dollar was firm for the third day in a row as investors clung to the safe haven currency for respite. Meanwhile, a hawkish fed in its recent minutes and continued rate hike stance pushed treasury yields higher, supporting dollar. US treasury yields were higher near 2.9% while dollar index that measures the greenback against a basket of currencies was up 0.09% at 107.51. On Thursday, rupee depreciated 19 paise to close at 79.64 against the US dollar. At the interbank foreign exchange market, the local currency opened at 79.60 and moved in a range of 79.60 to 79.71 during the day. It finally ended at 79.64 against the greenback, down 19 paise over its previous close. On Wednesday, the rupee gained 29 paise to settle at 79.45 against the dollar. Domestic benchmark indices ended with minor gains after a volatile session on Thursday. The barometer index, the S&P BSE Sensex, added 37.87 points or 0.06% to 60,298. The Nifty 50 index advanced 12.25 points or 0.07% to 17,956.50. Foreign portfolio investors (FPIs) sold shares worth Rs 1,706.00 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 470.79 crore in the Indian equity market on 18 August, provisional data showed. Overseas, Asian stocks are trading on a mixed note on Friday against a muted Wall Street looking to revive its recent market rally. US stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems helped to lift the technology sector, while data showed the economy remained relatively strong. Powered by Commodity Insights