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Rupee ends tad higher against dollar

11 Apr 2022 Evaluate

Indian rupee ended marginally higher against dollar on Monday, on persistent selling of the American currency by exporters. Some solace came with Commerce and Industry Ministry statement that India's agricultural exports rose by about 20 per cent to $50.21 billion during 2021-22 despite logistical challenges posed by the COVID-19 pandemic. However upside remain capped with Reserve Bank data released showing that in the steepest weekly fall ever, India's forex reserves slid by $11.173 billion to $606.475 billion as the currency came under pressure due to geopolitical developments. For the previous reporting week ended March 25, the overall reserves had slid by $2.03 billion to $617.648 billion. Besides, selloff in equity markets also impacted traders’ sentiments. On the global front, sterling fell on Monday against the euro and the dollar after data showed the UK economy slowed more sharply than expected in February.

Finally, the rupee ended at 75.91 (Provisional), stronger by 2 paise from its previous close of 75.93 on Friday. The currency touched a high and low of 76.09 and 75.79 respectively.

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