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Rupee ends lower against dollar on Monday

21 Nov 2022 Evaluate

Indian rupee ended lower against dollar on Monday, on account of sustained dollar demand from importers and banks. Traders were worried as the gross fiscal deficit of the Indian states rose nearly 79 per cent after the lockdown. According to the latest data from the Reserve Bank of India (RBI), the fiscal deficit rose from Rs 5.2 trillion in FY20 to Rs 9.3 trillion in 2020-21 (FY21). Besides, the latest payroll data released by the Employees’ Provident Fund Organisation showed the number of fresh formal jobs created fell for the second consecutive month in September, declining 9 per cent sequentially to 930,000. Enrolment of new female subscribers fell faster (11.39 per cent) than their male counterparts (8.13 per cent) in September, compared with the previous month. On the global front, U.S. dollar rallied against major currencies on Monday, as rising COVID-19 cases in China led to new restrictions there and weighed on global investor sentiment.

Finally, the rupee ended at 81.81 (Provisional), weaker by 7 paisa from its previous close of 81.74 on Friday. The currency touched a high and low of 81.91 and 81.74 respectively.

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