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Rupee ends lower against greenback on Monday

09 Oct 2023 Evaluate

Indian rupee ended slightly lower on Monday amid a weak trend in domestic equities and surging crude oil prices in the international markets. Traders were cautious as the RBI data showed that India's forex reserves drop by $3.79 billion to $586.91 billion for the week ended September 29. Investors overlooked a report stating that CII's business confidence index improved to 67.1 in the July-September quarter of FY24, reflecting robust macro fundamentals of India's economy despite global headwinds. On the global front, dollar and Japanese yen inched higher on Monday as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the Middle East. Besides, rouble slumped to a more than 18-month low against the dollar on Monday past the 102 mark, still hampered by reduced foreign currency supply and struggling to latch on to higher oil prices as the violence in Israel hurt risk appetite.

Finally, the rupee ended at 83.28 (Provisional), weaker by 1 paisa from its previous close of 83.27 on Friday. The currency touched a high and low of 83.28 and 83.21 respectively.


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