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Published on 5/04/2021 4:46:36 PM | Source: Accord Fintech

Rupee weakens against US dollar on Monday

Posted in Currency News| #Rupee #US dollar #Currency News

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Indian rupee ended weaker against dollar on Monday with fresh dollar demand by banks and importers. Sentiments remained down-beat as Reserve Bank of India (RBI) data showed that the country's foreign exchange reserves declined by $2.986 billion to reach $579.285 billion in the week ended March 26. In the previous week ended March 19, the forex kitty had increased by $233 million to $582.271 billion. Traders were also worried as India's manufacturing sector activities lost further growth momentum and fell to a seven-month low in March as demand was constrained by the escalation of the COVID-19 pandemic. Hefty selloff in domestic equity markets amid concerns over the pace of national economic recovery after the daily surging coronavirus infections also impacted investors’ mood. On the global front, US dollar has been strengthening against most leading currencies worldwide over rising hopes that the US economy could post a faster than expected recovery from the coronavirus crisis.

Finally, the rupee ended 73.30, weaker by 18 paise from its previous close of 73.12 on Wednesday. The currency touched a high and low of 73.45 and 73.28 respectively.

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