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Rupee strengthens against dollar on Thursday

22 Jun 2023 Evaluate

Indian rupee appreciated against the dollar on Thursday amid weak American currency against major rivals overseas. Traders got support as Fitch Ratings raised its forecast for India’s economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously. This is primarily because of a stronger outturn in the first quarter and near-term momentum. On the global front, Russian rouble strengthened on Thursday, nearing a one-week high against the dollar, supported by relatively high oil prices and the prospect of upcoming month-end tax payments. Dollar languished near a one-month low against a basket of currencies on Thursday, after Federal Reserve Chair Jerome Powell stuck to his usual messaging at his semi-annual testimony, offering little room for surprise. 

Finally, the rupee ended at 81.96 (Provisional), stronger by 5 paise from its previous close of 82.01 on Wednesday. The currency touched a high and low of 81.97 and 81.88 respectively.

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