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Rupee settles higher against dollar on Monday

04 Apr 2022 Evaluate

Indian rupee ended higher against dollar on Monday, on persistent selling of the American currency by exporters and firm trend in domestic equities. Sentiments were upbeat as India's merchandise exports spurt to a record high of $418 billion in the 2021-22 fiscal on higher shipments of petroleum products, engineering goods, gem and jewellery and chemicals. Adding more optimism, the Finance Ministry said Gross GST collection in March touched an all-time high of over Rs 1.42 trillion. Traders shrugged off report that S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined to 54.0 in March from 54.9 in February. A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction. On the global front, sterling gained versus the euro on Monday as traders continue to bet on a rapid pace of interest rate rises from the Bank of England.

Finally, the rupee ended at 75.53 (Provisional), stronger by 21 paise from its previous close of 75.74 on Thursday. The currency touched a high and low of 75.79 and 75.42 respectively.


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