Rupee Quote : The Indian rupee has plunged to a record low amid the risk-off sentiments in the market Says Ms. Sugandha Sachdeva, Religare Broking
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Quote on Rupee 10 October 2022 By Ms. Sugandha Sachdeva, Vice President - Commodity & Currency Research, Religare Broking Ltd.
The Indian rupee has plunged to a record low amid the risk-off sentiments in the market and as the restrictive policy stance of the US Fed looks to continue. The recent jobs data points to a robust US labor market giving further room to the US Fed to aggressively hike interest rates. The US economy added 263,000 jobs in September as compared to estimates for 250,000 jobs, while the unemployment rate also dropped to 3.5 percent as compared to 3.7 percent in August.
This is buoying the US dollar and has suppressed the Indian rupee. Besides, higher demand from oil importers amid the revival in crude oil prices on the back of deep supply cuts is leading to worries about a widening current account deficit, estimated to swell to around 3% of the GDP. Markets are now looking forward to the US as well as domestic inflation data for further cues.
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
