Indian Rupee: Likely To Correct After Recent Spurt

14 Sep 2022 , 08:46 AM

A sharp spurt was seen in the US dollar index yesterday as it bounced from its recent lows following the elevated US inflation reading and currently trades around 109.50 mark – yet again approaching near two decade high. The Indian Rupee is likely to see a bout of weakness following this after a good spurt in last session. The INR added 46 paise to end at 79.46 per US dollar mark yesterday on strong gains in local stocks.Domestic equities cruised higher on Tuesday amid improving risk sentiments. Positive global cues, strong portfolio inflows and stable crude oil prices aided the upmove in domestic shares. The Nifty 50 index surpassed the psychological mark of 18,000. Metals, banks, FMCG and financial shares advanced. The barometer index, the S&P BSE Sensex, rose 455.95 points or 0.76% to 60,571.08. The Nifty 50 index gained 133.70 points or 0.75% to 18,070.05. In four consecutive sessions, the Sensex has added 2.61% while the Nifty has gained 2.53%.Powered by Commodity Insights