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Rupee ends tad higher against dollar

25 May 2022 Evaluate

Indian rupee ended marginally higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Traders got some solace as country's exports rose by 21.1 percent to $23.7 billion during May 1-21, on account of healthy growth in various sectors, such as petroleum products, engineering, and electronic goods. However, upside remain limited as Former World Bank chief economist Kaushik Basu said that even though the fundamentals of the Indian economy are strong, the rise in divisiveness and polarisation in the country is damaging the foundations of the nation’s growth. On the global front, dollar snapped a two-day losing streak on Wednesday as treasury yields paused recent falls, its gain taking the edge off the euro which had been lifted earlier by a hawkish central bank message.

Finally, the rupee ended at 77.55 (Provisional), stronger by 2 paise from its previous close of 77.57 on Tuesday. The currency touched a high and low of 77.57 and 77.44 respectively.

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