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Rupee ends lower against dollar on Tuesday

16 Apr 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Tuesday weighed down by a negative trend in domestic equities and a strong greenback against major crosses overseas amid geopolitical tensions. Traders were concerned with report that India’s merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as well during the entire 2023-24. Traders ignored Reserve Bank of India’s (RBI) latest data on ‘Overseas Direct Investment’ showing that India’s outward foreign direct investment (OFDI) commitments rose 48.68% to $3919.84 million in March 2024 as against $2636.42 million in March 2023. Sequentially, FDI commitments were also up from $3,671.94 million in February 2024. On the global front, sterling stayed at a five-month low versus the dollar on Tuesday, after data showed Britain's unemployment rate rose by more-than-expected. 

Finally, the rupee ended at 83.58 (Provisional), weaker by 14 paise from its previous close of 83.44 on Monday. The currency touched a high and low of 83.61 and 83.47 respectively.


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