Indian Rupee: Likely To See Some Recovery

18 Nov 2022 , 09:25 AM

The Indian rupee is expected to see some recovery tracking positive equities and as greenback came off overnight highs. Dollar climbed yesterday on comments from St. Louis Fed President James Bullard that even dovish assumptions would require the central banks policy rate to rise to at least around 5%, while stricter assumptions suggest it would be above 7%. The dollar index that measures the greenback against a basket of currencies rose to 107.24 overnight and subsequently gave up some gains and is currently seen at 106.44. Overseas, Asian stocks are trading higher with the biggest gains posted by technology stocks as investors looked past warnings by Federal Reserve officials of higher interest rates to fight inflation. On Thursday, rupee depreciated by 37 paise to close at 81.63 (provisional) against the US dollar on Thursday. At the interbank foreign exchange market, the local unit opened at 81.62 and later witnessed an intraday high of 81.45 and a low of 81.68 during the session.Powered by Commodity Insights