Indian Rupee: Massive Dollar Strength To Weigh

22 Sep 2022 , 09:39 AM

The Indian Rupee is set to open lower as the US dollar index jumped to a fresh two decade high above 111 mark after a third consecutive increase of 0.75 percentage point by the Feds policy-setting Federal Open Market Committee (FOMC). Speaking at a news conference after the Federal Reserve raised its key interest rate, Fed Chair Jerome Powell said officials were strongly committed to curbing inflation. Massive strength in the US dollar ahead of the crucial Federal Reserve monetary policy decision kept the Indian rupee under pressure that ended the day lower by 26 paise to close at 80.00 (provisional) against the US dollar on Wednesday. Besides, muted trend in domestic equities, risk-off mood and firm crude oil prices also weighed down the local unit. At the interbank foreign exchange market, the domestic currency opened at 79.81 per dollar. It hovered in a range of 79.79 to 80.00 during the session.Powered by Commodity Insights