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Rupee depreciates against dollar on Friday

07 Jul 2023 Evaluate

Rupee settled lower against dollar on Friday, weighed down by losses in domestic markets and a rise in crude oil prices. Traders were cautious as a study by researchers at the Reserve Bank of India said the surging prices of tomatoes can potentially disrupt India's inflation trajectory. Investors overlooked report stating that concerns over the performance of southwest monsoon this year eased to a large extent on July 06, with rainfall deficiency declining to just 5% from over 40% a fortnight ago, and cumulative rainfall being predicted to reach normal level in the next 48 hours. On the global front, dollar held steady against most major currencies on Friday ahead of U.S. employment figures that could confirm rates are likely to stay higher for longer, but fell sharply against the yen, which got a boost from Japanese wage data. The U.S. nonfarm payrolls report is due later in the day and is expected to show the U.S. economy created 225,000 jobs in June.

Finally, the rupee ended at 82.73 (Provisional), weaker by 13 paise from its previous close of 82.60 on Thursday. The currency touched a high and low of 82.75 and 82.63 respectively.

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