Besides, persistent foreign fund outflows also put pressure on the domestic unit, forex dealers said. The local unit finally settled at 74.37 a dollar, down 32 paise over its previous close of 74.05. According to Emkay Global Financial Services, "Inflationary concerns are increasing globally, and as we proceed with the week, IPO related inflows may dry out, keeping USD/INR spot afloat". The key catalyst for the forex market is US inflation data. "We expect the USD/INR (Spot) to remain sideways and quote in the range of 74.20 and 74.80," he added.

Source: The Hindu November 10, 2021 14:06 UTC