Indian rupee ended flat on Monday. Investors got support as the latest data from the Reserve Bank of India showed that India’s foreign exchange reserves rose by $4.54 billion to $674.66 billion in the week ended August 16. The total reserves increased on the back of a rise in foreign currency assets, which grew by $3.6 billion during the week. In the week ended August 9, the reserves had decreased by $4.8 billion to $670.119 billion after hitting an all-time high of $674.91 billion in the week ended August 2. On the global front, the dollar fell to a three-week trough against the yen on Monday and steadied near multi-month lows against the euro and sterling as investors weighed the prospect of the Federal Reserve soon starting on a series of interest rate cuts.
Finally, the rupee ended at 83.89 (Provisional), stronger by 1 paisa from its previous close of 83.90 on Friday. The currency touched a high and low of 83.91 and 83.80 respectively.
