Indian rupee ended lower against dollar on Friday, on account of sustained dollar demand from importers and banks. Traders were worried as IMF spokesman Gerry Rice flagged concerns over further slowdown in the global economy and said that some countries are expected to slip into recession in 2023. Concerns over aggressive rate hikes by the Federal Reserve also put downside pressure on the local unit. However, downfall remain capped with Union Minister for Petroleum and Natural Gas Hardeep Singh Puri’s statement that the country is on the path to becoming a 10 trillion-dollar economy in 2030 and the third largest economy in the world by 2047. On the global front, dollar rallied again on Friday, as U.S. Treasury yields rose ahead of a potentially huge Federal Reserve interest rate hike next week.
Finally, the rupee ended at 79.78 (Provisional), weaker by 7 paisa from its previous close of 79.71 on Thursday. The currency touched a high and low of 79.85 and 79.71 respectively.
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