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Rupee ends tad weaker against dollar

13 Apr 2022 Evaluate

Indian rupee ended marginally weaker against the American currency on Wednesday. Traders were worried with data showing that India's retail inflation jumped to a 17-month high of 6.95 percent in March from 6.07 percent in February. The Consumer Price Index (CPI) inflation print for March is well above the consensus estimate. However, downfall remain capped with the government data showing that the factory output rose 1.7 per cent in February, mainly on account of rise in the mining sector and power generation. The Index of Industrial Production (IIP) had declined 3.2 per cent in February 2021. Also, country's exports in March 2022 rose 19.76 per cent to $42.22 billion as compared to the year-ago period. In March 2021, exports stood at $35.26 billion. On the global front, yen weakened past the 126 yen per dollar mark on Wednesday for the first time since 2002, while the euro was pinned at a one-month low as investors bought the U.S. currency after hawkish comments by Federal Reserve officials.

Finally, the rupee ended at 76.17 (Provisional), weaker by 1 paisa from its previous close of 76.16 on Tuesday. The currency touched a high and low of 76.26 and 76.14 respectively.

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