- September 14, 2022
- Posted by: Stratford Team
- Category: Economy
The rupee declined by 30 paise to close at 79.47 (provisional) against the US dollar on Wednesday as higher-than-expected US CPI print resulted in risk-off sentiment among investors.
At the interbank foreign exchange market, the domestic currency opened at 79.58 per dollar. It hovered in a range of 79.38 to 79.60 during the session.
The domestic unit finally settled at 79.47, down 30 paise over its previous close of 79.17.
”The Indian rupee remained under pressure amid a broad-based gain in the dollar after much-awaited US inflation data came higher than expected,” said Dilip Parmar, Research Analyst, HDFC Securities.
The dollar bided well after the rate market started pricing a full percentage point hike in the next week’s Federal Open Market Committee (FOMC) meeting.
”However, recovery in domestic equities and corporate dollar supply gave support to the rupee after a weak opening,” Parmar said, adding that in the near term, spot USDINR is expected to…
