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Rupee ends substantially stronger against greenback

28 Jul 2022 Evaluate

Indian rupee strengthened substantially against dollar on Thursday after US Federal Reserve Chair Jerome Powell eased investors’ concerns over continued aggressive monetary tightening. Sentiments were upbeat as Ministry of Commerce & Industry in its latest report has showed that the overall (merchandise plus services) exports increased from $52.8 billion in June 2021 to $64.9 billion in June 2022. As per the Ministry of Commerce & Industry, the overall (merchandise plus services) imports increased from $52.9 billion in June 2021 to $82.4 billion in June 2022. Meanwhile, Union Minister of Commerce and Industry Piyush Goyal said that India has not imposed any country-specific ban on imports. He said India and China, are both members of the WTO, and any trade restriction imposed must be WTO compliant. He said the government has from time to time reviewed and taken WTO compliant measures to address the concerns raised by various stakeholders to have a holistic global trade strategy. On the global front, dollar struggled against its other major rivals on Thursday as markets ramped up bets on a softening in the pace of rate hikes.

Finally, the rupee ended at 79.69 (provisional), stronger by 22 paisa from its previous close of 79.91 on Wednesday. The currency touched a high and low of 79.85 and 79.64 respectively. 

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