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Rupee ends fairly higher against greenback

10 May 2021 Evaluate

Indian Rupee ended fairly higher against US dollar on Monday, on the back of selling of the American currency by exporters. This was the third consecutive session when the rupee was traded higher against dollar. Sentiments were upbeat as India’s exports continued their positive growth and grew by 80 per cent to $7.04 billion during the first week of this month, as compared to exports of $3.91 billion during May 1-7 last year. The data showed that exports stood at $ 6.48 billion in the same week of May 2019. Adding more optimism, Commerce and Industry Minister Piyush Goyal stated that India is committed to concluding negotiations for the proposed free trade agreement and investment protection pact with European Union (EU) together at an early date. On the global front; dollar nursed losses near 2-1/2 month lows on Monday as a disappointing U.S. employment report prompted investors to unwind their growing long positions in the greenback.

Finally, the rupee ended 73.35, stronger by 16 paise from its previous close of 73.51 on Friday. The currency touched a high and low of 73.48 and 73.33 respectively.

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