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Rupee falls against dollar for fourth day

16 Mar 2023 Evaluate

Indian rupee tumbled against dollar on Thursday amid mixed cues from global equity markets and foreign fund outflows. Sentiments remained downbeat as commerce ministry in its latest data has showed that India's Merchandise exports dipped by 8.8 per cent to $33.88 billion in February 2023 as compared to $37.15 billion in the same month last year due to a slowdown in global demand. Besides, a private report stated that it would be a tough task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. On the global front, Russian rouble fell towards its weakest mark against the dollar in almost 11 months on Thursday, dragged down by sharply lower oil prices amid fragile market sentiment over fears of a deepening crisis for banks worldwide.

Finally, the rupee ended at 82.77 (Provisional), weaker by 12 paise from its previous close of 82.65 on Wednesday. The currency touched a high and low of 82.80 and 82.60 respectively.

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