Indian Rupee: Likely To See Positive Opening

4 Nov 2022 , 09:10 AM

The Indian rupee is likely to see recovery in opening trades on Friday tracking pull back in dollar following a sharp spike in the previous session. Dollar gained strength after the US Federal Reserve raised interest rates and maintained a hawkish stance. The Federal Reserve on Wednesday announced its widely expected decision to raise interest rates by another 75 basis points. Yesterday, rupee depreciated by 10 paise to close at 82.90 (provisional) against the US dollar. At the interbank foreign exchange market, the local unit opened at 82.87 and witnessed a high of 82.74 and a low of 82.92. It finally settled at 82.90 against the American currency, registering a fall of 10 paise over its last close of 82.80. Overseas, Asian stocks are trading higher on Friday with investors awaiting domestic earnings reports for cues on corporate health and U.S. jobs data for hints on future rate hikes. The Fed had raised rates by 75 basis points on Wednesday and said its battle against inflation will require borrowing costs to rise further. US stocks closed lower for a fourth consecutive session on Thursday as markets awaited key US jobs data, while taking in hawkish moves by major central banks. US Federal Reserve and Bank of England in separate statements said it was premature to think about pausing as part of the fight against inflation. Investors will be watching the US employment report due out Friday for any signs of cooling in the economy.Powered by Commodity Insights