Indian Rupee: Likely To Come Under Pressure

31 Oct 2022 , 09:27 AM

The Indian rupee is expected to come under pressure on Monday, tracking strength in the US dollar overseas. Meanwhile, positive Asian equities are likely to support the domestic currency. US benchmark treasury yields remained at higher levels above 4% on expectations of a rate hike. The dollar index that tracks the greenback against a basket of currencies recovered back to two decade highs following a sharp slide to one-month lows last week. On Friday, rupee declined by 15 paise to close at 82.48 against the US dollar. At the interbank foreign exchange market, the local currency opened weak at 82.39 and witnessed a high of 82.29 and a low of 82.49. It finally settled at 82.48 against the American currency, registering 15 paise loss over its previous close.Powered by Commodity Insights