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Saturday, October 1, 2022

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Indian Rupee Appreciates 9 Paise Against U.S. Dollar

The Indian rupee appreciated against the U.S. dollar on Friday and is on track to snap its 12-week losing streak.

The domestic currency strengthened 9 paise to 79.86 against the greenback during the session. It has gained for the second straight day.

The rupee has been falling against the dollar since May 6, and is down 0.02% for the week ending July 22.

UBS India Economist Tanvee Gupta Jain said the rupee risk remained a key focus for investors due to widening current account deficit and capital market outflows. Its performance against the U.S. dollar, relative to emerging market peers, showed that Indian currency has largely been in the middle of the pack due to strong macroeconomic fundamentals, she said.

Earlier in the day, Reserve Bank of India Governor Shaktikanta Das said the rupee held up well relative to most advanced and EM economy peers. The impact of overwhelming spillovers on India from global monetary policy tightening, he said, remained relatively modest, hitherto.

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