Indian Rupee: Likely To Be Weighed Down By Dollar Strength

20 Oct 2022 , 09:15 AM

The Indian rupee continues to stay weak in opening trades on Thursday, tracking strength in the US dollar overseas. Lingering concerns about higher interest rates and the impact on the global economy also continued to weigh on the markets along with a jump in treasury yields. Besides, risk sentiments turned sour expected to weigh further n the domestic unit. On Wednesday, rupee plunged 61 paise to decline below the 83-mark for the first time against the US dollar amid unabated foreign capital outflows and a strong dollar in the overseas markets. At the interbank foreign exchange market, the local currency opened strong at 82.32 but later pared gains to settle at an all-time low of 83.01(provisional) against the American currency, down 61 paise over its previous close.Powered by Commodity Insights