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  3. Rupee settles lower against dollar

Rupee settles lower against dollar

16 Mar 2021 Evaluate

Indian rupee ended weaker against the US dollar on Tuesday, on increased demand for the greenback from importers and banks. Traders overlooked government’s data showing that the country's exports rose marginally by 0.67 per cent year-on-year to $27.93 billion in February, Growing for the third consecutive month, even as trade deficit widened to $12.62 billion. Imports rose by 6.96 per cent to $40.54 billion in the month. Meanwhile, banking services such as cash withdrawals, deposits, cheque clearing and business transactions were impacted across the country, on day two of the PSU bank union’s strike, against the proposed privatisation of two more state-owned lenders also dented traders sentiments. On the global front; dollar edges up as currency markets wait for Fed meeting. A cautious tone dominated currency markets on Tuesday, before the start of the U.S. Federal Reserve's two-day monetary policy meeting. The Fed's policymakers are expected to forecast that the U.S. economy will grow in 2021 at its fastest rate in decades, with unemployment falling and inflation rising, but are not considered likely to change their monetary policy.

Finally, the rupee ended at 72.55, weaker by 9 paise from its previous close of 72.46 on Monday. The currency touched a high and low of 72.64 and 72.37 respectively. The reference rate for the dollar stood at 72.70, and for Euro stood 86.75 on March 15, 2021. While the reference rate for the Yen stood at 66.53, the reference rate for the Great Britain Pound (GBP) stood at 101.12.

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