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Rupee ends lower against dollar on Tuesday

04 Jul 2023 Evaluate

Indian rupee ended weaker against the US dollar on Tuesday. Traders got anxious with data from project tracker the Centre for Monitoring Indian Economy (CMIE) showing that new investment projects announced in the manufacturing sector declined in the three months ended June 2023.  Some concern also came with private report stating that white-collar hiring in India witnessed 3 per cent decline in June as sectors such as IT, Retail, BPO, Education, FMCG and Insurance also showed cautious hiring sentiments. On the global front, sterling steadied on Tuesday as traders waited for service sector data due on Wednesday and pondered whether any positive impact from expected higher interest rates on the British currency has run its course.

Finally, the rupee ended at 82.02 (Provisional), weaker by 11 paise from its previous close of 81.91 on Monday. The currency touched a high and low of 82.03 and 81.87 respectively.

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