Indian rupee ended lower on Monday as rising crude oil prices in international markets and dollar demand from importers dented investor sentiments. Traders were cautious as report stated that India's foreign exchange reserves saw a dip of $2.79 billion to $616.14 billion for the week ending on January 19. Previously, forex reserves were up by $1.6 billion, dragging the reserves to $618.94 billion, for the week ended on January 12, 2024. Traders took note of former RBI governor Raghuram Rajan’s statement that India needs to focus more on education and healthcare to become a developed economy by 2047. On the global front, dollar was steady on Monday as investors took stock of U.S. economic data ahead of the Federal Reserve policy meeting this week, while escalating geopolitical tensions in the Middle East kept a lid on risk sentiment.
Finally, the rupee ended at 83.16 (Provisional), weaker by 5 paise from its previous close of 83.11 on Thursday. The currency touched a high and low of 83.16 and 83.13 respectively.
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