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Indian rupee ends tad lower against dollar

28 Apr 2022 Evaluate

Indian rupee ended marginally weaker against US dollar driven by anticipation of interest rates heading up at an aggressive pace in the world’s largest economy. However, downfall remain capped with an authoritative seasonal forecast from the South Asian Seasonal Climate Outlook Forum report that normal to above normal rainfall is most likely during the 2022 southwest monsoon season (June-September) over most parts of South Asia. Meanwhile, Finance Minister Nirmala Sitharaman states that in an interconnected world, sanctions can have unintended consequences, and India is trying to work through them. On the global front, dollar shot past the key level of 130 yen for the first time since 2002 on Thursday as the Bank of Japan doubled-down on its dovish policy, triggering a warning from Japan's Ministry of Finance not to push the yen too far.

Finally, the rupee ended at 76.59 (Provisional), weaker by 2 paise from its previous close of 76.57 on Wednesday. The currency touched a high and low of 76.71 and 76.43 respectively.

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