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Rupee ends higher against dollar on Monday

16 Oct 2023 Evaluate

Indian rupee ended higher against dollar on Monday tracking some positive macroeconomic data. Traders took note of reports that India’s inflation based on wholesale price index (WPI) remained in the deflationary zone for the sixth straight month at (-) 0.26% for the month of September 2023 as against (-) 0.52% recorded in August 2023. Deflation in the reported month is primarily due to fall in prices of coal, minerals, textiles, basic metals and food products as compared to the corresponding month of previous year. On the global front, the Russian rouble weakened slightly on Monday as capital controls obliging certain exporters to sell a portion of their foreign currency earnings domestically came into force.

Finally, the rupee ended at 83.27 (Provisional), stronger by 3 paise from its previous close of 83.30 on Friday. The currency touched a high and low of 83.28 and 83.24 respectively.

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