IGI Logo

Quote on Rupee 14 November 2022 2022 By Ms. Sugandha Sachdeva, Vice President - Commodity & Currency Research, Religare Broking Ltd.

The Indian rupee has plunged lower by around 0.60 percent amid the renewed strength seen in the dollar index against its peers at the beginning of the current week. Besides, the major reason behind the sharp depreciation in the domestic currency is the strong demand from oil importers as a bargain buying opportunity after the steep decline of around 4 percent witnessed in the dollar last week.

A softer-than-expected CPI data for October (YoY) has raised hopes that inflation in the US has peaked and that the US Fed is near the end of its rate hike cycle, but comments from a Fed official have dampened the hopes while pushing treasury yields and the greenback on a higher incline. Going forward, markets are closely eyeing the domestic CPI print for October, along with US retail sales data. We reckon the Indian rupee to move in a band of 80-82 mark in the coming days.

Above views are of the author and not of the website kindly read disclaimer