Rupee increases to 82.35 against the dollar as risk sentiment improves | Business Upturn

Rupee increases to 82.35 against the dollar as risk sentiment improves

Today’s Rupee: On Monday, the rupee appreciated against the dollar as Asian stocks rose and improving risk sentiment took hold.


On Monday, the rupee appreciated versus the dollar due to an uptick in risk appetite as evidenced by stronger Asian stocks and expectations that major central banks will abandon their aggressive rate hike approach.

Following a starting price of 82.3850 and a closing price of 82.4750 on Friday, according to Bloomberg, the rupee was last trading at 82.3525 against the US dollar.

The outcomes of this week’s policy meetings of the US Federal Reserve, the Bank of England, and the Reserve Bank of India, as well as a surprise meeting of that organisation, will be closely watched by investors (RBI).


On November 3, the RBI has set up a second off-cycle meeting of its policy-making committee to talk about how to deal with the government’s persistent failure to fulfil its inflation goal.

A decline in the price of petroleum has also benefited the rupee.

Investors’ concerns over China’s expanding COVID-19 restrictions possibly reducing demand caused oil prices to decline on Monday.


India, the third-largest oil importer in the world, benefits from the price decline because it lowers import inflation.

However, rising US Treasury yields and a strengthening dollar ahead of the Fed meeting are anticipated to cap the rupee’s appreciation.

According to a trader at a Mumbai-based bank, it is expected to be a “holding session” for the rupee as the currency balances a “good” rebound in risk with a resumed advance in US yields and the dollar index.

The range for the rupee should be roughly between 82.20 and 82.60 until we hear from the Fed.