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Rupee weakens against US dollar on Monday

21 Mar 2022 Evaluate

Indian rupee weakened against dollar on Monday on emergence of demand for the greenback from importers and rising crude oil prices. Traders were concerned with latest data from the RBI showing that the country’s foreign exchange reserves declined $9.646 billion to $622.275 billion in the week ended March 11. Adding more pessimism, retail inflation for farm workers and rural labourers rose to 5.59 per cent and 5.94 per cent respectively in February, mainly due to higher prices of certain food items. On the global front, yen continued its slide on Monday, with traders eying a string of public remarks by global central bank policy makers this week, including Fed chair Jay Powell later in the day.

The partially convertible currency is currently trading at 76.03, weaker by 19 paise from its previous close of 75.84 on Thursday. The currency touched a high and low of 76.10 and 76.03 respectively.

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