Indian Rupee: Firm Dollar To Weigh

12 Oct 2022 , 09:17 AM

The Indian rupee is expected to continue to stay under pressure on Wednesday, tracking gains in the greenback overseas. Pessimistic sentiment across the globe after the International Monetary Fund slashed global growth outlook is likely to further weigh down the local unit. The IMF downgraded its 2023 growth forecast for the global economy due to high inflation, tighter financial conditions, Russias invasion of Ukraine and the lingering Covid-19 pandemic, saying ?more than a third of the global economy will contract this year or next,? and that ?2023 will feel like a recession? to many people. On Tuesday, rupee consolidated in a narrow range and settled 5 paise higher at 82.35 against the US dollar. At the interbank forex market, the local unit opened at 82.35 against the greenback. It witnessed an intra-day high of 82.32 and a low of 82.41 during the session. It finally ended at 82.35, up 5 paise from its previous close. Meanwhile, the dollar index that measures the greenback against a basket of currencies is quoting 113.37.Powered by Commodity Insights