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Rupee ends tad higher against dollar on Thursday

17 Feb 2022 Evaluate

Indian rupee ended marginally higher against dollar on Thursday, on persistent selling of the American currency by exporters. Traders were worried as Fed minutes showed the US rates will be raised if inflation does not ease. Also, investors were on edge after Western countries including the US warned that Russia's military presence on Ukraine's borders is growing, rather than shrinking as Moscow has insisted. However, downfall remain capped with finance ministry’s statement that with the muted impact of the third wave of the pandemic on economic activity, the Indian economy may undergo an economic reset by end of the year, clocking 9 per cent growth in 2021-22 (FY22) and around 8 per cent in 2022-23 (FY23). On the global front, dollar treaded water on Thursday and the Japanese yen held on to its earlier gains after a Russian news report of mortar fire in eastern Ukraine jangled market nerves and boosted the appeal of safe haven bets.

Finally, the rupee ended at 75.06 (Provisional), weaker by 2 paise from its previous close of 75.04 on Wednesday. The currency touched a high and low of 75.18 and 74.94 respectively.

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