29-Apr-2024

Indian Rupee: Seen Under Pressure Amid Firm Dollar Overseas

The Indian rupee is seen under pressure in opening trades on Monday tracking firm dollar index hovering just below 106 mark. Higher US treasury yields are also keeping DXY supported.Investors are eying FOMC due this week as economic data indicates that inflationary pressures are staying firm. However, positive sentiment in the domestic equity markets and retreating crude oil prices in international markets are likely to support the Indian currency. Indian shares are seen opening on a positive note Monday, tracking firm cues from global markets. At the interbank foreign exchange, the domestic unit opened weak at 83.39 against the greenback and then slipped further to 83.43, registering a loss of 5 paise compared to its previous closing level.

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