Mumbai: The Indian rupee appreciated against the US currency in the forex market. The weakening of the US currency and expectations that the country’s current account deficit had likely peaked helped the local currency. But, the rising crude oil prices prices may pressurise the local currency.
At the interbank foreign exchange, the Indian rupee opened marginally higher at 82.68 per dollar. On Friday, the Indian currency settled at 82.73 against the US dollar. The Indian rupee depreciated by around 10% against the US dollar in 2022 on account of sharp appreciation of the US currency as the US Federal Reserve raised interest rate to tame inflation.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, remained unchanged at 103.5. The index rose 8% in 2022.
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