Indian Rupee: Pressured Near Two-Week Lows

6 Dec 2022 , 08:46 AM

The Indian rupee is expected to gain some support as dollar pares overnight gains and trades slightly weak in early Asia. However, growing likelihood of Fed continuing with aggressive stance on rate hikes on the back of improved data from the US could limit sharp gains in the domestic unit. Sustained foreign fund outflows and weakness in Asian markets tracking a lower close on Wall Street could also add pressure on the local unit. On Monday, rupee pared its initial gains to settle down by 52 paise at a nearly two-week low of 81.85 against the US dollar. At the interbank foreign exchange market, the local unit opened at 81.26, but pared the gains and ended at 81.85, down 52 paise which is its biggest single-day loss in over six weeks. Powered by Commodity Insights