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Indian rupee settles stronger against dollar

10 May 2022 Evaluate

Erasing previous session drubbing, Indian rupee ended stronger against dollar on Tuesday, a day after melting to its all-time low of 77.44. Traders got some support with private report stating that the Confederation of British Industry (CBI), Britain’s largest business organisation, and its Indian counterpart, the Confederation of Indian Industry (CII), have agreed to set up a new joint commission to increase cross-industry collaboration and to push the trade deal over the line. However, weak domestic equities and persistent foreign fund outflows restricted the gains. On the global front, pound was little changed on Tuesday, pausing after a slide to its lowest levels in nearly two years on signs that a weakening economy will force the Bank of England to slow its interest-rate hiking cycle.

Finally, the rupee ended at 77.34 (Provisional), stronger by 10 paise from its previous close of 77.44 on Monday. The currency touched a high and low of 77.45 and 77.20 respectively.

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