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Rupee ends unchanged against US dollar

14 Jun 2022 Evaluate

Indian rupee ended flat on Tuesday due to mild dollar demand from banks and importers. Lackluster domestic markets, elevated crude oil prices and persistent foreign capital outflows weighed on the local unit. Traders were worried as WPI based inflation rate rose to the highest level in the current 2011-12 series at 15.88% in May 2022 as against 15.08% in April. The number has remained in double digits for the fourteenth consecutive month. Meanwhile, India Exim Bank has said that the country's total merchandise exports are likely to be at $117.2 billion in the first quarter of FY23 (Q1FY23). The total merchandise exports stood at $95.5 billion in the corresponding quarter of the previous year.

Finally, the rupee ended unchanged from its previous close of 78.04 on Monday. The currency touched a high and low of 78.07 and 77.90 respectively.

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