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Rupee ends substantially stronger against greenback

21 Jul 2022 Evaluate

Erasing previous session losses, Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Traders got support with former Niti Aayog Vice Chairman Arvind Panagariya’s statement that Indian economy, which has grown fairly rapidly in the last 17 years, will grow at 7-8 per cent in the next couple of decades. Additional support came with Chief Economic Advisor (CEA) V Anantha Nageswaran’s statement the depreciation of the rupee against the US dollar has been lower than other major global currencies such as the Euro, the British pound and the Japanese yen. Adding more optimism, Foreign Institutional Investors (FII) remained net buyers for the third day straight on Dalal Street on Wednesday. FIIs pumped in Rs 1,780 crore into domestic stocks. On the global front, pound slid against the dollar on Thursday amid worsening risk appetite ahead of the European Central Bank rate decision and amid political turmoil in Italy.

Finally, the rupee ended at 79.85 (provisional), stronger by 20 paisa from its previous close of 80.05 on Wednesday. The currency touched a high and low of 80.06 and 79.83 respectively.

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