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Rupee ends lower against dollar on Monday

12 Dec 2022 Evaluate

Indian rupee ended lower against dollar on Monday, on the back of lackluster trend in the domestic equity markets. Traders were worried after data provided by commerce and industry minister Piyush Goyal showed that the trade deficit, difference between import and exports, between India and China has touched $51.5 billion during April-October this fiscal. The deficit during 2021-22 had jumped to $73.31 billion as compared to $44.03 billion in 2020-21. According to the data, imports during April-October this fiscal stood at $60.27 billion, while exports aggregated at $8.77 billion. On the global front, dollar edged lower on Monday but losses were contained by data last week that showed U.S. wholesale inflation rose more than expected last month, reinforcing the view that the Federal Reserve may have to keep interest rates higher for longer.

Finally, the rupee ended at 82.53 (Provisional), weaker by 25 paise from its previous close of 82.28 on Friday. The currency touched a high and low of 82.74 and 82.50 respectively.

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