Indian Rupee: Firm Dollar To Weigh

17 Nov 2022 , 09:21 AM

The Indian rupee is expected to be under pressure as dollar stays firm overseas supported by stronger-than-expected U.S. retail sales data. US Retail Sales growth rose by 1.3% on month in October versus 1.0% expected and 0.0% prior. Firm dollar following benchmark US 10-year Treasury yields that rose 1.2 basis points (bps) to 3.70% was seen weighing down the domestic currency. The dollar index, which tracks the greenback against six main peers, was up 0.24% at 106.41. Overseas, most Asian stocks are trading lower as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data. US stocks fell on Wednesday after stronger-than-expected U.S. retail sales clouded the inflation outlook and hopes that the Federal Reserve could ease its aggressive interest rate hikes. Meanwhile, the Indian rupee depreciated by 34 paise to close at 81.25 against the US dollar on Wednesday. At the interbank foreign exchange market, the local unit opened at 81.41 and later witnessed an intraday high of 81.23 and a low of 81.58 during the session.Powered by Commodity Insights