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'Rupee likely to remain under pressure in near-term'
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IANS | 14 Jun, 2022
The
Indian currency is expected to remain under pressure in the near-term
amidst a combination of negative global cues as well as domestic factors
at play, said Bank of Baroda in a report.
However, the
central bank RBI is likely to intervene in the forex exchange market to
support the rupee and prevent any sharp depreciation in the exchange
rate.
On Monday, the Indian rupee slipped to a fresh record low
of 78.04 per US dollar amidst a resurgence in strength in the dollar
primarily on account of expectations of aggressive policy tightening by
the US Fed this week at the monetary policy meeting.
Increasing
risks to global growth have increased the safe-haven demand for dollars,
besides reports that China has once again imposed lockdown restrictions
in Beijing have severely dented investor sentiments, said the report.
"Covid-19
restrictions in China, Russia-Ukraine war and monetary tightening by
global central banks will weigh on the global growth outlook."
Apart
from the external factors, domestic factors such as oil prices
remaining at above $120 per barrel and persistent foreign fund outflows
too have contributed to the pressure on the rupee, the report said.
"FPIs
(foreign portfolio investors) have remained net sellers in the domestic
market for 9-straight months now. Even in June 2022, FPIs have pulled
out $ 2.4 billion from the Indian market so far. With interest rates in
the US likely to go up much faster than elsewhere, FPI inflows into
emerging markets such as India are likely to remain muted."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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