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Rupee ends higher against dollar on Tuesday

13 Jun 2023 Evaluate

Indian rupee ended higher against the American currency on Tuesday as a weak greenback overseas and strong macroeconomic data supported investors’ sentiments. India’s Retail inflation declined to a 25-month low of 4.25 per cent in May mainly on account of softening prices of food and fuel items. Besides, industrial production growth rose to 4.2 per cent in April from 1.7 per cent in March 2023, mainly due to good performance by the manufacturing. On the global front, Sterling rose on Tuesday as new figures showed wages in Britain's labour market grew sharply and unemployment unexpectedly fell, feeding expectations that the Bank of England will keep raising interest rates this year. 

Finally, the rupee ended at 82.38 (Provisional), higher by 5 paise from its previous close of 82.43 on Monday. The currency touched a high and low of 82.47 and 82.35 respectively.

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