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As on Sep 20, 2021 12:00 AM Your results on : Currency News    
Currency Buzz: INR Succumbs To Dollar Strength
20-Sep-2021 (17:42)

The Indian rupee depreciated significantly on Monday, 20 September 2021, succumbing to dollar strength that hovers at a month's high ahead of Fed decision due later this week. Against a basket of peers, the Dollar Index, which tracks the greenback against a basket of six other currencies, traded at 93.39, its highest since August 22. Besides, muted local shares also added pressure on the local unit. At the interbank foreign exchange market, the local currency opened at 73.82, a near three-week low against the dollar but recovered to finally settled for the day at 73.74 a dollar, down 26 paise over its previous close. In the previous session on Friday, the rupee had settled at 73.48 against the US dollar.

Investors will continue to focus on the U.S. Federal Reserve's upcoming September meeting for clues on the central bank's tapering of its easy monetary policy. Fed Chair Jerome Powell will hold a press conference on Wednesday at the conclusion of the two-day meeting of the U.S. Federal Reserve. Meanwhile, domestic equity benchmarks ended near the day's low amid heavy sell off on Monday. Weak global cues spoiled sentiment. The barometer index, the S&P BSE Sensex, declined 524.96 points or 0.89% to 58,490.93. The Nifty 50 index lost 188.25 points or 1.07% to 17,396.90.

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