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Rupee ends marginally lower against dollar on Thursday

29 Dec 2022 Evaluate

Indian rupee ended marginally lower against dollar on Thursday despite late recovery in domestic markets. Sentiments got hit with RBI Monetary Policy Committee (MPC) Member Ashima Goyal’s statement that the government should not go in for an 'aggressive fiscal consolidation' in the upcoming budget as global risks have not abated. Traders overlooked Crisil’s report stating that strong domestic demand, healthier corporate balance sheets, and a well-capitalised banking sector are expected to steer India towards a 7 per cent gross domestic product (GDP) print in 2022-23. On the global front, Russian rouble pared losses to gain on Thursday after slumping to an eight-month low against the dollar in early trade, struggling under the weight of expectations that sanctions on Russian oil and gas may limit export revenues.

Finally, the rupee ended at 82.82 (Provisional), weaker by 2 paise from its previous close of 82.80 on Wednesday. The currency touched a high and low of 82.85 and 82.76 respectively.

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