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Rupee ends lower against greenback on Monday

11 Mar 2024 Evaluate

Indian rupee ended lower on Monday tracking bearish equity markets. Some concern came amid a private report stating that India's headline retail inflation rate in February is not likely to have changed from January's 5.1 percent, extending its stay within the Reserve Bank of India's (RBI) tolerance range of 2-6 percent to a sixth consecutive month. Traders paid no heed towards report that Moody’s Ratings raised India’s GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the back of strong domestic consumption and capital expenditure. On the global front, the yen firmed against the dollar on Monday as signs the Bank of Japan will exit negative interest rates at its policy meeting next week contrasted with expectations that the Federal Reserve will cut rates in June. 

Finally, the rupee ended at 82.75 (Provisional), weaker by 8 paise from its previous close of 82.67 on Thursday. The currency touched a high and low of 82.76 and 82.64 respectively.

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