Indian Rupee: Likely To Stay Cautious

2 Dec 2022 , 09:21 AM

The Indian rupee is likely to cautiously track the dollar for further cues on Friday. Overseas, Asian stocks are trading lower as investors looked for clarity after China signaled slight easing of its stringent Covid restrictions. Foreign fund outflows are also expected to add pressure on the domestic currency. On Thursday, rupee appreciated by 8 paise to close at 81.22 against the US dollar. At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback. Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.93 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,664.98 crore in the Indian equity market on 1 December, provisional data showed. Domestic equity benchmarks advanced on Thursday, extending the winning run to eighth straight session. The Sensex and the Nifty hit record levels in intraday as well as on a closing basis. The barometer index, the S&P BSE Sensex, gained 184.54 points or 0.29% to 63,284.19. The Nifty 50 index rose 54.15 points or 0.29% to 18,812.50.Powered by Commodity Insights