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Rupee ends lower against dollar on Thursday

06 Jul 2023 Evaluate

Rupee settled lower against dollar on Thursday weighed down by a stronger American currency in the overseas market and elevated crude oil prices. Traders ignored report released by United Nations Conference on Trade and Development (UNCTAD) showing that Foreign Direct Investment (FDI) flows into India rose by 10 per cent to $49 billion in 2022, making it the third largest host country for announced greenfield projects and the second largest for international project finance deals. Besides, G20 Sherpa Amitabh Kant said that high GDP growth of 8-9 per cent could be driven by focus on manufacturing and urbanisation. On the global front, dollar was holding its ground on Thursday, underpinned after the minutes of the U.S. Federal Reserve's latest policy meeting firmed bets for a rate hike this month, while a broad risk-off mood lent some support to the Japanese yen. 

Finally, the rupee ended at 82.47 (Provisional), weaker by 22 paise from its previous close of 82.25 on Wednesday. The currency touched a high and low of 82.55 and 82.36 respectively.

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