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Rupee ends higher against dollar on Monday

03 Jul 2023 Evaluate

Indian rupee ended higher against dollar on Monday, as sustained foreign fund inflows and a bullish trend in domestic equities strengthened investors’ sentiments. Traders took encouragement with Ministry of Finance’s statement that India's gross GST revenue collection in June stood at Rs 1,61,497 crore, registering a 12 per cent year-on-year rise. Investors overlooked a report stating that India's manufacturing sector showed a slowdown in June as compared to May. According to S&P Global India, the country's manufacturing Purchasing Managers' Index (PMI) fell to 57.8 in June from 58.7 in May. On the global front, pound fell against the dollar on Monday as the U.S. currency rebounded from a tumble late the previous week, while traders continued to grapple with what expectations of several more Bank of England rate hikes mean for the British currency.

Finally, the rupee ended at 81.95 (Provisional), stronger by 15 paise from its previous close of 82.10 on Friday. The currency touched a high and low of 82.01 and 81.76 respectively.

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