Indian Rupee: Seen On Weaker Note

17 Oct 2022 , 09:10 AM

The Indian rupee is seen on a weaker note on Monday, tracking weakness in risk appetite globally. Overseas, Asian stocks are trading lower on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world. US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserves aggressive rate hike path could trigger a recession. Foreign portfolio investors (FPIs) sold shares worth Rs 1,011.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,624.13 crore in the Indian equity market on 14 October, provisional data showed. The domestic currency depreciated 8 paise to close at 82.32 against the US dollar on Friday. Meanwhile, Finance Minister Nirmala Sitharaman has said that the rupee has not weakened but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of Indian currency against the greenback this year. Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, she asserted that the fundamentals of the Indian economy were strong and that inflation was low compared to other parts of the world.Powered by Commodity Insights