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Rupee concluded substantially weaker against dollar
Apr-12-2021

Indian rupee concluded substantially weaker against dollar on Monday, on account of sustained dollar demand from importers and banks. Besides, dollar firmness against some global currencies also weighed on the rupee sentiment. Sentiments were weak as foreign portfolio investors (FPIs) have withdrawn a net Rs 929 crore from Indian markets so far this month amid concerns over rising Covid-19 cases denting the economic recovery. Also, fast-rising covid cases and weakness in equity markets put pressure on the domestic currency. On the global front; dollar gained ground on Monday after last week's drop as traders assessed the outlook for treasury yields while awaiting crucial U.S. inflation and retail sales data in the coming days.

Finally, the rupee ended 75.05, weaker by 32 paise from its previous close of 74.73 on Friday. The currency touched a high and low of 75.14 and 74.78 respectively.

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