Indian Rupee: Likely To Come Under Pressure

11 Aug 2022 , 09:09 AM

The Indian rupee is likely to come under pressure tracking rebound in oil prices and recovery in dollar index after suffering a sharp plunge in the previous session. The dollar index that measures the greenback against a basket of currencies came off yesterdays sharp decline and is currently up 0.20% at 105.28. On Wednesday, rupee appreciated to close at 79.22 against the US dollar. The forex market was closed on Tuesday on account of Muharram. Sustained foreign fund inflows could support the domestic unit. Domestic benchmark indices settled near the flat line after a lacklustre session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 35.78 points or 0.06% to 58,817.29. The Nifty 50 index rose 9.65 points or 0.06% to 17,534.75. Foreign portfolio investors (FPIs) bought shares worth Rs 1,061.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.45 crore in the Indian equity market on 10 August, provisional data showed. Overseas, Asian stocks are trading higher on Thursday after a better-than-expected inflation report in the US sent stocks spiraling higher. Japans market is closed for a holiday Thursday. Wall Street equities rallied after signs of sharply decelerating U.S. inflation prompted bets that the Federal Reserve would raise interest rates at a slower pace than previously expected. Powered by Commodity Insights