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Indian rupee ends flat on Monday
Sep-09-2024

Indian rupee ended flat on Monday. Traders took some support with RBI data showing that India's forex reserves jumped by $2.299 billion to a new high of $683.987 billion for the week ended on August 30. In the previous reporting week, the forex reserves had jumped by $7.023 billion to a high of $681.688 billion. Meanwhile, Union Minister of Commerce and Industry, Piyush Goyal has suggested that the government should have a working group on tourism between the nations of the Mediterranean and India, as there is a huge potential for cooperation and mutual benefit. On the global front, dollar held to tight ranges on Monday while the yen pared some of its safe-haven gains, as investors were undecided on the scale of a Federal Reserve rate cut expected later this month and looked to this week’s U.S. inflation reading for more clues.

Finally, the rupee ended flat with its previous close of 83.95 on Friday. The currency touched a high and low of 83.96 and 83.86 respectively.

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