Indian Rupee: To Track Movement In US Dollar Index

15 Sep 2022 , 08:57 AM

The Indian Rupee fell sharply yesterday amid steady movement in the US dollar index as it hovered just under 110 mark. The local currency fell 46 paise against the dollar to close just above 79.80 mark. The key equity indices ended a volatile session with minor losses on Wednesday, snapping a four-day rising streak. The Nifty managed to close above the 18,000 mark after hitting the days low of 17,771.15 in the early trade. Domestic shares opened with deep losses amid dismal global cues. The selloff followed a hotter-than-expected inflation report in the US, solidifying the chances of aggressive rate hikes from the US Federal Reserve. However, the market erased most of its losses as bargain hunting emerged at lower levels. Meanwhile, Indias inflation based on wholesale price index (WPI) stood at 12.41% in August 2022 compared with 11.64% in August 2021. Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement. The WPI grew 13.93% in July 2022, while the figure for June was 16.23%.Powered by Commodity Insights