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Rupee ends higher against dollar on Wednesday

07 Jun 2023 Evaluate

Indian Rupee ended higher against the US dollar on Wednesday amid foreign fund inflows. Traders got support as the World Bank said India would remain the fastest-growing economy in terms of both aggregate and per capita gross domestic product (GDP) among the largest emerging market and developing economies in FY24. Besides, a private report stated that the Reserve Bank of India is expected to pause for a second straight month as inflation eases and market watchers are looking for cues of a shift in policy stance to support growth in Asia’s third largest economy. On the global front, dollar dipped on Wednesday as chances faded for a rate hike next week by the Federal Reserve, while the Canadian dollar touched one-month highs as traders amped up bets for the country to raise rates and the Turkish lira hit record lows. 

Finally, the rupee ended at 82.55 (Provisional), stronger by 5 paise from its previous close of 82.60 on Tuesday. The currency touched a high and low of 82.57 and 82.46 respectively.

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