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Indian rupee ends flat after choppy trade

22 Mar 2022 Evaluate

Indian rupee pared its initial losses to settle flat against the American currency on Tuesday, tracking a positive trend in domestic equities. During the day, the local unit witnessed heavy volatility amid concerns over global oil supplies. Traders took note of reports that US Federal Reserve Chairman Jerome Powell said that the central bank will, if required, move ‘more aggressively’ to raise federal funds rate by more than 25 basis points at its policy meetings in an effort to curb inflation. Meanwhile, Australia and India are close to finalising an interim economic and trade cooperation deal and hope to sign a full agreement by the end of the year. On the global front, pound strengthened to a nine-day high against the euro on Tuesday as it continues to retrace losses seen after the European Central Bank and Bank of England policy decisions in the last two weeks.

Finally, the rupee ended flat (Provisional) from its previous close of 76.18 on Monday. The currency touched a high and low of 76.48 and 76.10 respectively.

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