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Indian rupee ends weaker against US dollar on Monday

22 May 2023 Evaluate

The Indian rupee ended weaker against the US dollar on Monday, weighed down by a strong greenback in the overseas market. Investors remained concerned ahead of developments on the U.S. debt ceiling and the trajectory of rate hikes in the world's largest economy. The market participants were eyeing a key meeting between U.S. President Joe Biden and House Republican Speaker Kevin McCarthy later in the day to discuss the debt ceiling. However, a firm trend in domestic equities and sliding crude prices in international markets capped losses in the local unit. On the global front, the dollar was broadly steady with U.S. debt ceiling negotiations set to resume and Federal Reserve Chair Jerome Powell having indicated he favours a meeting-by-meeting approach when it comes to future policy moves. 

Finally, the rupee ended at 82.84 (Provisional), weaker by 17 paise from its previous close of 82.67 on Friday. The currency touched a high and low of 82.86 and 82.70 respectively.


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