Indian Rupee: Lower Opening Seen Amid Weak Risk Appetite

21 Nov 2022 , 08:58 AM

The Indian rupee is expected to track domestic and regional equities lower in opening trades on Monday, on China demand worries and fears of more aggressive interest-rate hikes in the United States. Asian stocks traded weak this morning amid news of fresh COVID-19 restrictions in China as authorities locked down part of the manufacturing hub of Guangzhou for five days and urged residents of the sprawling Chaoyang district to remain at home. The dollar edged higher on safe-haven demand is also likely to weigh down the domestic currency. However, plunging crude oil prices could restrict some of the sharp losses. On Friday, INR depreciated 6 paise to close at 81.70 against the US dollar. At the interbank foreign exchange market, the local unit opened up at 81.59 and later erased all its early gains. During the session, it witnessed a high of 81.52 and a low of 81.78.Powered by Commodity Insights