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Rupee ends lower against greenback on Monday

18 Mar 2024 Evaluate

Indian rupee ended lower on Monday on firm crude oil prices. Some cautiousness came in as former chief economic adviser Arvind Subramanian said India's latest GDP numbers are 'absolutely mystifying' and difficult to comprehend. Traders overlooked data by the Reserve Bank of India (RBI) showing that India's foreign exchange reserves jumped by $10.47 billion to $636.1 billion for the week ending on March 8. This is the biggest surge since the week ended July 14, 2023. On the global front, the dollar was steady on Monday as traders looked ahead to a week dominated by central bank meetings worldwide, with the Bank of Japan seemingly on the brink of ending negative rates and the focus on how many rate cuts the Federal Reserve projects.

Finally, the rupee ended at 82.90 (Provisional), weaker by 4 paise from its previous close of 82.86 on Friday. The currency touched a high and low of 82.91 and 82.83 respectively.

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