- September 14, 2022
- Posted by:
- Category: Uncategorized
The rupee depreciated by 43 paise to 79.60 against the US dollar in opening trade on Wednesday, as higher-than-expected US CPI print resulted in massive risk-off sentiments.
At the interbank foreign exchange market, the rupee opened at 79.58 against the greenback, then fell to 79.60, registering a decline of 43 paise over its last close. In initial deals, the local unit also touched 79.54 against the dollar.
On Tuesday, the rupee appreciated by 36 paise to close at an over one-month high of 79.17 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03 per cent to 109.77.
Global oil benchmark Brent crude futures fell 0.10 per cent to USD 92.91 per barrel.
The US August CPI came in higher than expected at 8.3 per cent year-on-year and 0.6 per cent month-on-month.
“The higher-than-expected print has raised the prospect of more aggressive monetary policy tightening by the US Fed. Markets now expect the termi