Indian Rupee: Seen Pressure By Firm Dollar

13 Oct 2022 , 09:09 AM

The Indian rupee is likely to stay under pressure amid firm dollar and sustained foreign fund outflows. However, fall in crude oil prices could bring some respite to the local unit. Overseas, Asian stocks are trading mixed on Thursday as investors await inflation data from the U.S. due later stateside. US stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance. The Federal Reserves September meeting minutes, released Wednesday, show that the central bank expects to continue increasing interest rates and hold them higher until inflation shows signs of abating. On the domestic front, the retail inflation, measured by the Consumer Price Index (CPI), spiked to 7.41% in September. The factory output contracted 0.8% in August. On Wednesday, rupee slipped 14 paise to close at 82.35 against the US dollar. At the interbank foreign exchange market, the local currency opened at 82.32, then fell further to settle at 82.35 against the American currency, registering a decline of 14 paise over its previous close.Powered by Commodity Insights