Continuing previous session gains, Indian rupee ended higher against dollar for third straight session on Monday, on persistent selling of the American currency by exporters. Adding to the optimism, Commerce and Industry Minister Piyush Goyal has said that the free trade agreement between India and the UAE is likely to come into effect from May 1, 2022, under which domestic exporters of as many as 6,090 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery would get duty-free access to the UAE market. However, upside remain capped with depositories data report showing that overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year so far, amid heightened geopolitical tensions and inflation concerns. On the global front, Japanese yen crashed to a six-year low versus the dollar on Monday, and headed for its biggest daily loss since March 2020 after the Bank of Japan moved to contain rising bond yields, even as U.S. Treasury yields soared to new multi-year highs.
Finally, the rupee ended at 76.16 (Provisional), stronger by 8 paise from its previous close of 76.24 on Friday. The currency touched a high and low of 76.38 and 76.15 respectively.
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