Indian rupee ended considerably lower against dollar on Monday, on account of sustained dollar demand from importers and banks. Traders were worried, as central bank showed that the Reserve Bank of India’s (RBI’s) foreign exchange reserves declined by $1.1 billion to $529.99 billion in the week ended November 4. Investors overlooked reports that India’s inflation based on wholesale price index (WPI) eased further to 8.39% in the month of October 2022 as against 10.70% recorded in September 2022, primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals etc. On the global front, sterling fell against the dollar on Monday as traders braced for the UK government's fiscal statement on Thursday in a data-heavy week that could shed light on the state of Britain's economy.
Finally, the rupee ended at 81.26 (Provisional), weaker by 48 paisa from its previous close of 80.78 on Friday. The currency touched a high and low of 81.29 and 80.53 respectively.
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