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Rupee ends lower against dollar on Tuesday

14 Feb 2023 Evaluate

Indian Rupee ended lower against the US dollar on Tuesday as market participants remained on the sidelines ahead of the US inflation data. Besides, India's retail inflation breached the RBI's comfort zone and rose to a three-month high of 6.52 per cent in January 2023, mainly on account of a spike in food prices. The inflation rate based on the Consumer Price Index (CPI) stood at 5.72 per cent in December and 6.01 per cent in January 2022. Traders ignored report that India’s inflation based on wholesale price index (WPI) eased further to 4.73% for the month of January 2023 against 4.95% recorded in December 2022. On the global front, dollar fell on Tuesday ahead of a keenly anticipated inflation report, while the yen strengthened as surprise pick Kazuo Ueda was nominated as the Bank of Japan's next governor.

Finally, the rupee ended at 82.82 (Provisional), depreciate by 12 paise from its previous close of 82.70 on Monday. The currency touched a high and low of 82.82 and 82.57 respectively.

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