Indian Rupee: Likely To Be Battered Further By Massive Dollar Strength

23 Sep 2022 , 09:16 AM

The Indian rupee is seen battered further by massive strength in dollar on Friday, coupled with muted equities and sustained foreign fund outflows. Asian equity markets slipped further on Friday, tracking overnight losses on Wall Street as investors continued to assess the US Federal Reserves aggressive plan to stamp out inflation and its implications for global economic growth. On Thursday, rupee plunged 90 paise to close at an all-time low of 80.86 (provisional) against the US dollar. US 10 year treasury yields spurted above 3.7% while the dollar index that measures the greenback against a basket of currencies were hovering near recent peaks at 111.07. Powered by Commodity Insights