Rupee rises to a two-week high vs dollar

1 September, 2022

In the previous session, the rupee had surged by 51 paise to close at 79.45 against the American currency — its biggest jump since August 2021.
The dollar index — which measures the US dollar against a basket of currencies — was last up 0.4 percent at 109.1 on Thursday. US bond yields rose by about 5-7 bps across the board, with the 10-year yield at 3.2 percent.
Crude oil prices fell amid increased supply and concerns about a global economic slowdown. Brent crude futures fell 1.3 percent to $94.4 a barrel and West Texas Intermediate (WTI) futures 0.9 percent to $88.9 a barrel.
One can expect the rupee to trade within a range of 79.35-79.65 against the greenback with a downside bias, said Abhishek Goenka, Founder and CEO of IFA Global.
"Month-end exporter selling and absence of custodian and oil bids had led to the sharp appreciation (in the previous session)," he said.
Indian equity benchmarks recovered most of their initial losses following a gap-down start to a volatile session on Thursday amid negative cues from global markets. The Indian market remained shut on Wednesday on account of Ganesh Chaturthi.