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Rupee (INR) Closes At 6-Month Low Against US Dollar (USD): 5 Things To Know

The rupee's closing of 65.49 on Monday marks the weakest closing level against the US dollar since October 3.

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Rupee (INR) Closes At 6-Month Low Against US Dollar (USD): 5 Things To Know

The rupee today fell 29 paise against the US dollar to close at 65.49, a more than six-month low.

The rupee (INR) today fell 29 paise against the US dollar (USD) to close at 65.49, a more than six-month low. The rupee traded in the range of 65.50 to 65.32 against the greenback earlier in the session. The rupee's closing of 65.49 on Monday marks the weakest closing level against the US dollar since October 3, when the Indian currency had ended at 65.50. Trade deficit widening to $13.7 billion in March and the US adding India to the currency watch list, led to a downfall in the domestic currency, said forex advisory firm IFA Global.
Here are five things to know about the rupee-dollar forex rate today:
  1. The US has included India in "the monitoring list" of its "major trading partners that merit close attention to their currency practices and macroeconomic policies". The list is a part of the semi-annual report on "Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States" prepared by the US Department of Treasury for the US Congress.
  2. The Bombay Stock Exchange (BSE) benchmark index Sensex closed 112 points higher at 34,305. The Nifty settled 47 points higher at 10,528. The Sensex had shed as much as 293 points earlier during Monday's session, while the Nifty declined 84 points amid weakness in PSU banks, energy and IT stocks. Foreign institutional investors sold shares worth Rs 399.59 crore on a net basis on Friday, provisional data showed.
  3. India's exports during March inched lower by 0.66 per cent to $29.11 billion from $29.30 billion worth of merchandise shipped out during the corresponding month last year, official data showed on Friday. Consequently, the merchandise trade deficit widened to $13.69 billion during last month as against $10.65 billion in the corresponding period the previous year.
  4. If the dollar-rupee pair convincingly crosses 65.45-65.50 levels, it could rise to up to 65.70 pair, IFA Global said. On the contrary side, the rupee's support can be seen near 65.15-65.20 levels, it added.
  5. In global markets, the dollar failed to hold on to its early gains against the yen and eased to 107.20, though that was still higher against last week's low of around 106.62. The euro was steady at $1.2330, while the dollar index eased to 89.781.
(With agency inputs)

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