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Rupee settles flat against dollar on Thursday

09 Feb 2023 Evaluate

Rupee settled on a flat note against dollar on Thursday. Traders were concerned about outlook for interest rates and a global economic slowdown. Investors awaited more economic data for guidance on future rate hikes. Meanwhile, private report stated that the Reserve Bank of India is likely to raise interest rates once again in April as inflation pressures persist and the Federal Reserve continues to tighten, a day after the central bank delivered what many had expected to be its last hike in the current cycle. On the global front, sterling rose on Thursday, thanks to a pickup in investor risk appetite that knocked the dollar and to hawkish comments from Bank of England officials, even after evidence of further deterioration in the British housing market.

Finally, the rupee ended on a flat note from its previous close of 82.54 on Wednesday. The currency touched a high and low of 82.66 and 82.48 respectively.

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