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Reliance Securities Report
The Indian rupee recovered from the session lows to end flat against the U.S. dollar as a slight recovery in local equities reports of exporters dollar sales aided the local unit.
The rupee ended at 74.42 per dollar, compared with 74.40 in the previous session.
The rupee was also aided by falling crude oil prices this Tuesday in the Asian the European session.
The local unit initially depreciated to a low of 74.58 on bets of faster policy normalisation by the Federal Reserve following reappointment of Jerome Powell and weaker Asian currencies.
The dollar Index ended flat this Tuesday but continued to take support from news that Jerome Powell has been reappointed for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022.
The benchmark U.S. bond yields also rose Tuesday amid expectation a sooner than expected rate hike by the U.S. Federal Reserve.
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