Indian rupee depreciated against US dollar due to month-end dollar demand by importers. Traders overlooked IMF report stating that the Indian financial system has become more resilient and diverse, driven by rapid economic growth and withstood the pandemic well. Meanwhile, commerce ministry said Indian and US officials will hold discussions this week to expand and deepen bilateral trade ties in a mutually beneficial manner and enhance supply chain integration. On the global front, euro weakened against other major currencies in the European session on Tuesday, as investors ponder the likely impact of U.S. tariff hikes on inflation, economic growth and corporate profits.
Finally, the rupee ended at 85.72 (Provisional), depreciated by 11 paise from its previous close of 85.61 on Monday. The currency touched a high and low of 85.84 and 85.58 respectively.
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