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Rupee ends lower against greenback on Monday

06 Nov 2023 Evaluate

Indian rupee ended lower on Monday despite positive trend in domestic equities. Traders were worried as Foreign Portfolio Investors’ (FPIs) selling spree continues as they pulled out over Rs 3,400 crore from the Indian equity markets in the first three trading sessions of November on rising interest rates and geopolitical tensions in the Middle East. Investors overlooked Reserve Bank of India’s statement that India’s foreign exchange reserves increased by $2.579 billion to $586.111 billion in the week ended on October 27. In the previous reporting week, the overall reserves had dropped by $2.363 billion to $583.532 billion. On the global front, U.S. dollar extended its decline on Monday, having fallen by the most since July last week after the Federal Reserve dialled down its hawkish rhetoric and U.S. data showed signs of moderation.

Finally, the rupee ended at 83.21 (Provisional), weaker by 1 paisa from its previous close of 83.20 on Friday. The currency touched a high and low of 83.27 and 83.24 respectively.

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