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Indian rupee depreciates against US dollar on Monday

13 Jan 2025 Evaluate

Indian rupee depreciated against the US dollar on Monday weighed down by a stronger American currency and surging crude oil prices. Traders overlooked report that India’s Retail inflation slowed to a four-month low of 5.22% in December compared to 5.48% in November, mainly due to easing of prices in food basket. The inflation based on Consumer Price Index was 5.48% in November and 5.69% in December 2023. The inflation in the food basked reduced to 8.39% in December. It was 9.04% in November and 9.53% in December 2023. On the global front, British pound extended its recent drop against the dollar and the euro on Monday driven by investor concerns about Britain's fiscal sustainability as gilt yields rose for a sixth straight day.

Finally, the rupee ended at 86.70 (Provisional), depreciated by 66 paise from its previous close of 86.04 on Friday. The currency touched a high and low of 86.70 and 86.11 respectively.

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