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Rupee ends almost flat against US dollar

08 Jan 2024 Evaluate

Indian rupee pared initial gains and ended almost unchanged against the dollar on Monday as strong American currency and volatile crude oil prices weighed on the domestic currency. Some cautiousness also came with India Ratings and Research Chief Economist Devendra Kumar Pant’s statement that the Indian economy is facing the challenge of lower consumption growth as high inflation is impacting people in the lower income bracket. He said although the country's economy is now resilient enough to deal with the dual shocks of below-normal monsoon and high global oil prices, the challenge is to bring down inflation so that people can have more disposable income in their hands. On the global front, the dollar held on to most of last week's gains on Monday after posting its biggest weekly rise against a basket of other major currencies since July, putting a halt to the declines seen in late 2023.

Finally, the rupee ended at 83.14 (Provisional), stronger by 1 paisa from its previous close of 83.15 on Friday. The currency touched a high and low of 83.16 and 83.04 respectively. 


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