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Rupee ends unchanged on Thursday

23 Jun 2022 Evaluate

Indian rupee ended flat on Thursday due to mild dollar demand from banks and importers. Traders took some solace with Prime Minister Narendra Modi’s statement that the government expects the Indian economy to grow by 7.5 per cent this year. Modi also said the value of the Indian digital economy will reach $1 trillion by 2025. However, investors were taking cautious approach with Reserve Bank’s statement that India witnessed a current account deficit of 1.2 per cent of GDP in 2021-22 against a surplus of 0.9 per cent in FY2020-21 due to a wider trade deficit. On the global front, euro weakened broadly on Thursday as disappointing German and French PMI data confirmed the euro zone economy is struggling to gain traction, prompting traders to trim bets on big interest rate hikes from the European Central Bank.

Finally, the rupee ended unchanged from its previous close of 78.32 on Wednesday. The currency touched a high and low of 78.38 and 78.22 respectively.

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