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Indian rupee appreciates on Monday amid selling of dollar by exporters

24 Mar 2025 Evaluate

Indian rupee appreciated against the US dollar on Monday boosted by positive trends in domestic equity markets. Investors took support as the data released by Reserve Bank of India showed that India's forex reserves increased to $654.27 billion in the week ending March 14, 2025, up by $0.305 billion. Traders ignored the HSBC flash Purchasing Managers' Index (PMI) survey stating that private sector output in India increased at a slower pace in March as compared to the previous month, amid a quicker expansion in manufacturing activity and a softer increase in services activity. On the global front, Japanese yen weakened against other major currencies in the Asian session on Monday, as the weak Japan Manufacturing PMI almost closed the doors for the Bank of Japan rate hike in the upcoming monetary policy meeting.

Finally, the rupee ended at 85.62 (Provisional), appreciated by 36 paise from its previous close of 85.98 on Friday. The currency touched a high and low of 86.01 and 85.49 respectively.

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