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Rupee depreciates against dollar on Monday
Apr-29-2024

Indian rupee ended lower against the U.S. dollar on Monday as investors remained cautious ahead of the U.S. Federal Reserve's monetary policy decision. Traders were worried with report that foreign investors pulled out domestic equities worth Rs 6,300 crore in April, (till April 26) on concerns over tweaks in India's tax treaty with Mauritius and sustained rise in US bond yields. Data with the depositories showed this came following a whopping net investment of Rs 35,098 crore in March and Rs 1,539 crore in February. Besides, apex exporters body FIEO said the escalating geopolitical tension may have implications for the country's exports in the first quarter of 2024-25 as it is likely to impact global demand. On the global front, the yen jumped against its peers on Monday after it slid past 160 per dollar earlier in the session, with traders citing dollar-selling intervention by Japanese banks as a trigger for its bounce.

Finally, the rupee ended at 83.45 (Provisional), weaker by 7 paise from its previous close of 83.38 on Friday. The currency touched a high and low of 83.51 and 83.39 respectively.

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