Indian Rupee: Likely To Come Under Pressure

16 Nov 2022 , 08:56 AM

The Indian rupee is likely to come under pressure in opening trades on Wednesday as risk sentiments took a toll following geo-political concerns. Asian equity markets fell on Wednesday as caution dominated sentiment following reports that Russian-made missiles crossed into Poland and killed two people. However, weakness in the dollar overseas on expectations that Federal Reserve will go softer on interest rates after data showed U.S. producer inflation hit a 14-month low in October could provide some respite to the domestic currency. On Tuesday, rupee appreciated by 17 paise to close at 81.11 against the US dollar. At the interbank foreign exchange market, the local unit opened at 81.18 and touched an intra-day high of 81.04 and a low of 81.45 against the greenback. Powered by Commodity Insights