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Daily Currency Snapshot

• Rupee future maturing on September 28 traded flat on Tuesday despite a rise in domestic equity markets. Further, a drop in crude oil prices supported the rupee

• The US dollar remained strong near a two-decade high on Tuesday as investors held firm in expectation of another aggressive rate hike by the Federal Reserve. However, weak building permits data from the US capped further gains in the US dollar

• The Euro depreciated by 0.40% yesterday amid strong US dollar. Producer price inflation MoM in Germany increased to 7.90% in August from 5.30% in July 2022

• The pound marginally depreciated yesterday, hovering barely above its lowest level since 1985 amid strong US dollar. However, further downside was restricted on expectations of interest rate hike from the Bank of England this week

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