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Rupee ends lower against dollar on Monday

20 Mar 2023 Evaluate

Indian rupee ended lower against the US dollar on Monday tracking negative sentiments in the domestic as well as global equity markets. Traders got concerned after Reserve Bank of India's (RBI) statistical supplement showed India's foreign exchange reserves fell to $560 billion as of the week ended March 10, their lowest since early-December. Meanwhile, Former Union Finance minister P Chidambaram said India is growing but the sequential quarter growth is declining and the economy is ‘losing steam’. On the global front, Japan's yen rallied on Monday as investors sought out safe assets after UBS' cut-price takeover of its beleaguered rival Credit Suisse failed to quell market nerves.

Finally, the rupee ended at 82.63 (Provisional), weaker by 4 paise from its previous close of 82.59 on Friday. The currency touched a high and low of 82.71 and 82.45 respectively.


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