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Rupee gains value against dollar — key factors affecting the currency

Rupee gains value against dollar — key factors affecting the currency

Rupee gains value against dollar — key factors affecting the currency
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By Asmita Pant  Oct 28, 2022 4:21:14 PM IST (Updated)

Indian Rupee vs Dollar: The domestic currency settled two paise higher from its previous close on Friday after gaining by 10 paise earlier in the session.

The rupee settled two paise higher from its previous close on Friday. The currency started the session 10 paise higher from its previous close at 82.39 vs the US dollar amid fall in global oil benchmarks. The value of greenback against six other peers edged lower in choppy trade.

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The dollar index — which measures the greenback against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — moved lower after appreciating to 110.5 earlier in the trade. At the last count, the index was trading 0.2 percent lower at 110.2.
Crude oil prices fell on Friday, but were on track for a weekly gain on supply concerns. Brent crude futures were down almost a percent at $94.2 per barrel at the last count. WTI futures, too, were last trading 1.1 percent lower at $88.1 per barrel.
"It seems the market has once again changed its stance from risk-on sentiment(weaker dollar) to a risk-off one(stronger dollar)," said Amit Pabari, Managing Director at CR Forex Advisory.
"If RBI comes up with any rate hikes, although the probability of the rate hike in this policy is hardly 30 percent as inflation is in good shape, then we could see a knee-jerk appreciating move, but eventually, it will depreciate. Overall, as long as 82-82.10 levels are holding, one can expect a rebound toward 82.80-83.00 levels," Pabari said.
Indian equity benchmarks BSE Sensex and NSE Nifty50 opened with minor gains on Friday.
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