Indian rupee ended lower on Monday as strengthening American currency overseas and negative sentiment in the domestic equity markets weighed on the local unit. However, the downward trend in the global crude oil prices supported the domestic unit and restricted its decline. Traders overlooked report that India's services activity rose at the sharpest rate of expansion in January 2024. The HSBC India Services PMI came in at 61.8 in January, up from 59 in December. It is the highest since July 2023 when the PMI was 62.3. A reading above 50 shows that the sector is expanding. On the global front, the pound fell to its lowest since mid-December on Monday after a very strong U.S. jobs report and comments from Federal Reserve Chair Jerome Powell combined to boost the dollar.
Finally, the rupee ended at 83.03 (Provisional), weaker by 5 paise from its previous close of 82.98 on Friday. The currency touched a high and low of 83.07 and 83.00 respectively.
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