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Indian rupee ends tad lower against dollar

The rupee ended 74.88, weaker by 1 paise from its previous close of 74.87 on Monday

Indian rupee ended marginally weaker against dollar on Tuesday, on emergence of demand for the greenback from importers. Traders were concerned with private report stating that the a month's national lockdown can hurt GDP growth by 2 percentage points, while expecting governments to continue with localised restrictions to arrest the Covid spread. However, downfall remains limited as government is likely to waive 10 per cent customs duty levied on imported vaccines in a bid to keep low the cost of overseas vaccines that are being eyed to supplement domestically made shots ahead of opening COVID-19 vaccination to all citizens over 18 years of age. Meanwhile, Commerce Secretary Anup Wadhawan stated that the country's exports are reviving and the shipments are expected to be in the ‘solid’ positive territory in this financial year. On the global front; dollar dropped to its lowest in nearly seven weeks during the Asian session, while the euro rallied, as investors grew more optimistic about the pace of vaccine rollout in Europe and U.S.

Finally, the rupee ended 74.88, weaker by 1 paise from its previous close of 74.87 on Monday. The currency touched a high and low of 74.98 and 74.64 respectively.