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Rupee appreciates against dollar on Tuesday

15 Nov 2022 Evaluate

Indian Rupee appreciated against US dollar on Tuesday, on the back of positive domestic macroeconomic data and selling of the American currency by exporters. Traders got encouragement as India’s retail inflation measured in Consumer Price Index (CPI) dropped to 6.77 per cent in October 2022 from 7.41 per cent in the preceding month. The retail inflation, which the RBI factors in while deciding its periodic monetary policy, was 4.48 per cent in October 2021. Traders ignored reports that India’s exports dip to $29.78 billion in October 2022 from $35.73 billion a year ago. Besides, trade deficit widened to $26.91 billion as against $17.91 billion a year ago. On the global front, euro, sterling and Swedish crown rose against the U.S. dollar on Tuesday as traders assessed a slew of economic data, including UK and euro zone job figures plus German economic sentiment. 

Finally, the rupee ended at 81.11 (Provisional), stronger by 17 paisa from its previous close of 81.28 on Monday. The currency touched a high and low of 81.45 and 81.01 respectively.

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