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Rupee ends higher against greenback on Monday

26 Feb 2024 Evaluate

Indian rupee ended higher on Monday amid inflow of foreign funds. Traders took support with Union Finance Minister Nirmala Sitharaman’s statement that the country has moved up to the fifth position from the 10th spot in the world in terms of economy, under Prime Minister Narendra Modi's leadership. She said ‘In the next year and a half, we will be at the third position’, and added that the standard of living of the citizens is better in a country that has a strong economy and everyone benefits from it. Traders ignored data released by the Reserve Bank of India (RBI) showing that India's foreign exchange reserves declined to $616.10 billion as on February 16. On the global front, the dollar held fairly steady on Monday ahead of a macro-packed week that could shed more light on the global rate outlook, with a U.S. inflation reading taking centre stage. The core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred measure of inflation - is due on Thursday, where expectations are for a 0.4% increase on a monthly basis.

Finally, the rupee ended at 82.88 (Provisional), stronger by 3 paise from its previous close of 82.91 on Friday. The currency touched a high and low of 82.91 and 82.86 respectively.

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