Indian rupee depreciated against the US dollar on Monday weighed down by foreign fund outflows and a negative trend in domestic equities. Foreign institutional investors offloaded equities worth Rs 317.56 crore on Friday, according to exchange data. Traders overlooked Union Minister of Commerce and Industry Piyush Goyal’s statement that the India-Australia Economic Cooperation and Trade Agreement (ECTA) has delivered sustained export growth, deeper market access, and stronger supply-chain resilience, benefiting Indian exporters, MSMEs, farmers, and workers alike. On the global front, ringgit ended marginally lower against the US dollar and other major currencies on Monday as traders and investors remained cautious ahead of the United States Federal Reserve (US Fed) interest rate outlook for next year.
Finally, the rupee ended at 89.98 (Provisional), depreciated by 8 paise from its previous close of 89.90 on Friday. The currency touched a high and low of 89.99 and 89.88 respectively.
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