Indian Rupee: Likely To See Further Losses

10 Oct 2022 , 09:15 AM

The Indian rupee is likely to incur further losses against the dollar on Monday as the greenback saw a decent rebound in early Asia. Report showed that the U.S. labor market remained resilient, giving the Fed enough space to keep tightening policy sharply as it struggles to combat inflation. Sharp gains in benchmark treasury yields on expectations of further rate hike also propped up gains in the greenback. US treasury yields are holding at 3.88% while the dollar index that measures the greenback against a basket of currencies rebounded to 112 levels, having fallen to below 110 levels last week. Meanwhile, on Friday, rupee depreciated 15 paise to close at an all-time low of 82.32 against the US dollar. At the interbank foreign exchange market, the local currency opened at 82.19, then fell further to 82.43 and finally settled for the day at an all-time low of 82.32 against the American currency, registering a decline of 15 paise over its previous close.Powered by Commodity Insights