# Rupee retreats from two-week peak, but closes higher

> The rupee closed at 81.2150 per dollar after briefly hitting a two-week high of 80.99, helped by a softer dollar after Fed Chair Powell suggested rate hikes could be scaled back. State banks were buying dollars for oil companies on lower spot prices.

- Date: 2022-12-01 · published 2022-12-01T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/38494-rupee-retreats-from-two-week-peak-but-closes-higher
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger rupee eases India's cost of dollar-priced imports, and a softer dollar tends to support US and global commodity prices.

## Read by commodity

- DXY: bearish ▼
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2021-08-31 | [Sterling retreats from two-week high, driven by dollar](https://feedsoft.ai/events/45809-sterling-retreats-from-two-week-high-driven-by-dollar.md) | -0.2% | +0.9% |
| DXY | 2018-06-20 | [Dollar retreats from 11-month high; sterling rises after BOE](https://feedsoft.ai/events/64786-dollar-retreats-from-11-month-high-sterling-rises-after-boe.md) | -0.3% | -0.3% |
| DXY | 2021-11-30 | [USD/CAD retreats from two-month high amid weaker USD, Canadian GDP in focus: Analytics and Market news from 30 November 2021 12:04](https://feedsoft.ai/events/44265-usd-cad-retreats-from-two-month-high-amid-weaker-usd-canadian-gdp-in-focus.md) | -0.4% | -1.0% |
| DXY | 2017-01-12 | [Rupee rebounds 24 paise to one-week high - The HinduBusinessLine](https://feedsoft.ai/events/73239-rupee-rebounds-24-paise-to-one-week-high-the-hindubusinessline.md) | -0.6% | -2.4% |
| DXY | 2021-08-27 | [Pound hits over 1-week high - Business & Finance - Business Recorder](https://feedsoft.ai/events/45804-pound-hits-over-1-week-high-business-and-finance-business-recorder.md) | -0.9% | -0.0% |

## Sources

- moneycontrol.com: https://www.moneycontrol.com/news/business/economy/rupee-retreats-from-two-week-peak-but-closes-higher-9633961.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.