Rupee may see appreciation today

1 Dec 2022 , 10:26 AM

As a result of Jerome Powell, the chairman of the U.S. Federal Reserve, making remarks that were perceived as dovish, the Indian rupee is anticipated to open versus the dollar higher on Thursday.

Early trades have the rupee expected to trade at approximately 81.20 against the dollar, down from 81.4225 from the previous session. After Powell stated that rate rises could be dialed back as soon as this month, the dollar fell against its key rivals, Treasury rates dropped, and U.S. stocks rose.

Shares and currencies in Asia increased. The yield on the 2-year Treasury note continued to fall overnight, falling to 4.33%, its lowest level in three weeks. India’s 6.3% annual GDP growth in July through September was roughly in line with estimates.

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