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Indian rupee ends tad lower against dollar

27 Jun 2022 Evaluate

Indian rupee ended marginally lower against dollar on Monday on emergence of demand for the greenback from importers. Some concern also came as latest data released by the Reserve Bank of India (RBI) showed India's foreign exchange reserves declined $5.9 billion to $590.59 billion for the week ended June 17. Firm crude oil prices in the international market and unabated foreign capital outflows put pressure on the domestic unit. However, losses remain capped as some support came with Commerce and Industry Minister Piyush Goyal’s statement that India is one of the fastest-growing economies in the world and it is expected to reach $30 trillion in the coming 30 years. He said if India grows at 8 per cent every year on a compounded annual growth basis, the economy will double in about nine years. On the global front, U.S. dollar struggled versus its major rivals on Monday as traders reassessed the prospects of aggressive rate hikes, while the euro led gainers at the start of the European Central Bank's annual summit in Portugal. 

Finally, the rupee ended at 78.37 (provisional), weaker by 4 paise from its previous close of 78.33 on Friday. The currency touched a high and low of 78.37 and 78.24 respectively.

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