Indian rupee concluded substantially weaker against U.S. dollar on Tuesday on account of sustained dollar demand from importers and banks. Traders shrugged off report that US Trade Representative Katherine Tai, after meeting Union Minister of Commerce and Industry Piyush Goyal, said India and the United States will look at ways to expand its trade relations and cooperate on pending bilateral issues. Meanwhile, amid uncertainty created by a surge in coronavirus cases, the Reserve Bank of India (RBI) is likely to maintain the status quo at its next monetary policy review and wait for some more time before taking any action to spur growth. On the global front, dollar gained against major currencies on Tuesday and climbed to a one-year high against the yen, as accelerating U.S. vaccinations and plans for a major stimulus package stoked inflation expectations and Treasury yields.
Finally, the rupee ended 73.38, weaker by 87 paise from its previous close of 72.51 on Friday. The currency touched a high and low of 73.47 and 72.77 respectively. The reference rate for the dollar stood at 72.40 , and for Euro stood 85.31 on March 26, 2021. While the reference rate for the 100 Yen stood at 66.00, the reference rate for the Great Britain Pound (GBP) stood at 99.62.
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