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Indian rupee ends flat on Monday

21 Oct 2024 Evaluate

Indian rupee ended flat on Monday amid strong American currency against major rivals overseas and relentless foreign fund outflows. Investors remained cautious and stayed away from riskier assets due to geopolitical uncertainties. Traders were concerned with Reserve Bank Governor Shaktikanta Das’ statement that interest rate cut this stage would have been premature and very very risky as the retail inflation is still high, and future monetary policy action would depend upon the income data and outlook. He said the September inflation was high and the next print too is expected to remain elevated before moderating. On the global front, pound fell on Monday as investors focused on the relative strength of the U.S. economy, pushing up the dollar.

Finally, the rupee ended flat with its previous close of 84.07 on Friday. The currency touched a high and low of 84.08 and 84.06 respectively.

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