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Rupee ends lower against greenback on Monday

15 Apr 2024 Evaluate

Indian rupee ended lower on Monday in line with deep losses in equity markets and an elevated dollar against major rivals overseas amid geopolitical tensions. Sentiments were downbeat as the provisional data released by the Ministry of Commerce & Industry showed that India’s wholesale price index (WPI)-based inflation accelerated to 0.53 per cent in March on an annual basis, as against 0.20 per cent in February. WPI inflation stood at 1.34 per cent in March 2023. Traders overlooked report that India's retail inflation eased to 4.85 per cent on an annual basis in March as against 5.09 per cent in the previous month. Besides, Index of Industrial Production (IIP) in India rose 5.7 per cent in February as against 3.8 per cent in January. On the global front, dollar was steady on Monday, holding its biggest weekly gain since 2022, as the prospect of stubbornly high U.S. interest rates and escalating conflict in the Middle East gave support. 

Finally, the rupee ended at 83.44 (Provisional), weaker by 6 paise from its previous close of 83.38 on Friday. The currency touched a high and low of 83.47 and 82.42 respectively.

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