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Rupee settles lower against dollar on Friday

12 May 2023 Evaluate

Rupee settled lower against dollar on Friday as a strong greenback overseas weighed on investor sentiments. Traders were cautious amid worries about economic slowdown and renewed concerns about the turmoil in the US banking sector. Traders ignored private report showed that Indian-owned companies operating in the UK have hit a record high of 954 this year, registering a significant increase over the previous year. On the global front, pound steadied on Friday after data showed the UK economy avoided recession in the first quarter, recovering from its biggest one-day drop since mid-April the previous day. U.S. dollar was little changed on Friday but was heading for its biggest weekly gain since February.

Finally, the rupee ended at 82.16 (Provisional), weaker by 7 paise from its previous close of 82.09 on Thursday. The currency touched a high and low of 82.23 and 82.09 respectively.

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