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Rupee tumbles against dollar on Wednesday

15 Mar 2023 Evaluate

Indian rupee tumbled against dollar on Wednesday amid a strong greenback against major currencies overseas and unabated foreign fund outflows. Traders ignored reports that India's trade deficit came in at $17.43 billion in February 2023, which is narrower as compared to $18.75 billion in the year-ago period. The numbers are also marginally lower as compared to the preceding month, as the trade deficit stood at $17.76 billion in January 2023. On the global front, British pound edged lower against the dollar on Wednesday, but remained close to a one-month high, ahead of finance minister Jeremy Hunt's Spring Budget.

Finally, the rupee ended at 82.62 (Provisional), weaker by 25 paise from its previous close of 82.37 on Tuesday. The currency touched a high and low of 82.65 and 82.30 respectively.

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