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Rupee ends lower against US dollar on Monday

18 Sep 2023 Evaluate

The Indian rupee ended weaker against the US dollar on Monday mainly due to risk aversion in global markets and rising crude oil prices. Besides, a strong American currency against key rivals overseas and a negative trend in domestic equities weighed on investor sentiments. Investors overlooked reports that Fitch Ratings upwardly revised the global growth forecast for 2023 by 10 basis points to 2.5 per cent, reflecting surprising resilience so far this year in the US, Japan, and emerging markets excluding China. On the global front, the US dollar hovered near high on Monday as traders looked ahead to interest rate decisions from the Federal Reserve, the Bank of England and the Bank of Japan this week.

Finally, the rupee ended at 83.32 (Provisional), weaker by 16 paise from its previous close of 83.16 on Friday. The currency touched a high and low of 83.32 and 83.09 respectively.

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