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Rupee ends at record low against greenback
Sep-26-2022

Continuing previous session drubbing, Indian rupee closed at all-time low against dollar on Monday on account of continued dollar demand from importers and banks. Escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows weighed investor’s sentiments. This is the fourth stright session when the rupee is ended lower against greenback. Traders ignored Finance Minister Nirmala Sitharaman’s statement that the rupee has held back very well when compared to other currencies against the US Dollar. She added that the Reserve Bank and the Finance Ministry are keeping a very close watch over the developments. On the global front, Sterling crashed to a record low early on Monday as traders rushed for the exits on mounting concern that the new government's economic plan will stretch Britain's finances to the limit.

Finally, the rupee ended at 81.67 (Provisional), weaker by 58 paisa from its previous close of 81.09 on Friday. The currency touched a high and low of 81.67 and 81.45 respectively.

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