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Rupee ends higher against dollar on Monday
Mar-27-2023

Indian rupee ended higher against dollar on Monday, as a positive trend in domestic equities and a weak dollar supported investor sentiments. Some support came with the Reserve Bank stating that India’s forex kitty rose by $12.798 billion to $572.801 billion in the week ended March 17. Besides, S&P Global Ratings kept its forecast for India's economic growth unchanged at 6 per cent in the fiscal year starting April 1, before rising to 6.9 per cent in the following year. In the quarterly economic update for Asia-Pacific, S&P saw inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year. On the global front, Russian rouble strengthened on Monday, supported by rising oil prices and this week's month-end tax payment, which usually sees exporters convert foreign exchange revenues to pay local liabilities.

Finally, the rupee ended at 82.37 (Provisional), stronger by 3 paise from its previous close of 82.40 on Friday. The currency touched a high and low of 82.42 and 82.27 respectively.

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