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Rupee ends lower against US dollar on Monday

11 Sep 2023 Evaluate

The Indian rupee ended weaker against the US dollar on Monday despite positive cues from domestic equity markets. Investors awaited India's retail inflation data for August and industrial output figures for July, due on tomorrow. Traders overlooked Reserve Bank’s statement that India’s forex reserves jumped by $4.039 billion to $598.897 billion for the week ended September 1. In the previous reporting week, the overall reserves had dropped by $30 million to $594.858 billion. Besides, Finance Minister Nirmala Sitharaman said India’s external debt of $624.7 billion at March-end 2023 with a debt-service ratio of 5.3 per cent is within the comfort zone and modest from a cross-country perspective. On the global front, yen jumped on Monday as comments from Bank of Japan (BOJ) Governor Kazuo Ueda stoked hopes that Japan could soon herald a new era away from negative rates, while the dollar slid ahead of this week's key U.S. inflation reading.

Finally, the rupee ended at 83.03 (Provisional), weaker by 1 paisa from its previous close of 83.02 on Friday. The currency touched a high and low of 83.06 and 82.83 respectively.

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