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Rupee rises against the dollar to Rs79.25 / $

11 Aug 2022 , 01:59 PM

On Thursday, the Indian rupee appreciated against the dollar as a drop in U.S. inflation bolstered Asian currencies and increased risk appetite.

By 03:33 GMT, the rupee was trading at 79.25 to the dollar, up from 79.52 the previous session. After U.S. headline inflation slowed down more than anticipated, traders reduced their expectations of aggressive policy tightening by the Federal Reserve, which led to an increase in Asian equities and currencies

Although much will rely on the August CPI announcement next month, Morgan Stanley thinks the most recent inflation report makes a 50 basis point boost rather than a 75 basis point increase more likely at the September meeting.

The dollar index dropped the most on Wednesday since June 16. Overnight, the S&P 500 Index rose to its highest level since May. Importers are expected to hedge when the USD/INR falls to about 79.00—79.10. The 50-day simple moving average, which is at 78.80—78.90, provides immediate support for the pair.

Related Tags

  • economy
  • Finance
  • India
  • inflation
  • news
  • rupee
  • rupee vs dollar
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