Indian Rupee: Likely To Stay Supported Alongside Positive Regional Peers

6 Oct 2022 , 09:18 AM

The Indian rupee is likely to stay supported alongside most Asian currencies on Thursday, as pressure from the dollar and Treasury yields eased slightly, although hawkish signals from the Federal Reserve kept gains muted. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 1,344.63 crore is also expected to aid gains in the domestic currency. However, recovery in crude oil could limit gains in the local unit. On Tuesday, rupee appreciated by 29 paise to end at 81.53 against the US dollar. At the interbank forex market, the local unit opened strong at 81.66 against the greenback. It witnessed an intra-day high of 81.36 and a low of 81.66 during the session. The domestic forex market remained shut on Wednesday, 5 October 2022, on account of Dussehra.Powered by Commodity Insights