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Rupee depreciates against dollar on Monday

08 May 2023 Evaluate

Indian rupee ended lower against dollar on Monday despite firm trade in domestic markets. Traders ignored Reserve Bank of India’s statement that India’s foreign exchange reserves jumped $4.532 billion to $588.78 billion for the week ended April 28. The overall reserves had dropped $2.164 billion to $584.248 billion in the previous reporting week. Besides, the depositories showed foreign portfolio investors (FPIs) continue to be buyers of Indian equities in May and invested Rs 10,850 crore in the last four trading sessions due to the country's stable macroeconomic environment, robust GST collection and better-than-expected corporate quarterly earnings. This came following a net infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March. On the global front, the ringgit trimmed last week’s gains to end marginally lower against the US dollar on Monday on a lack of catalysts amid a slightly firmer greenback.

Finally, the rupee ended at 81.80 (Provisional), weaker by 2 paise from its previous close of 81.78 on Thursday. The currency touched a high and low of 81.82 and 81.70 respectively.


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