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Rupee depreciates against dollar on Friday

21 Jul 2023 Evaluate

Rupee settled lower against dollar on Friday weighed down by a rebound in the American currency and firm crude oil prices in global markets. Besides, a negative trend in domestic equity benchmarks also dented investor sentiment. Traders were concerned as latest payroll data released by the Employees’ Provident Fund Organisation (EPFO) showed that formal job creation slowed in May after recovering slightly at the turn of the fiscal year in the previous month. The number of new monthly subscribers under the EPF declined by close to 1 per cent to 883,176 in May from 891,974 in April. Besides, private report stated that private equity and venture capital (PE/VC) funds' investments into Indian entities declined by nearly a fourth to $27.5 billion in January-June 2023 against the year-ago period. On the global front, the pound was on track for its biggest weekly fall since February on Friday, as markets reacted decisively to signs that Britain may finally be turning a page on inflation. 

Finally, the rupee ended at 81.97 (Provisional), weaker by 4 paise from its previous close of 81.93 on Thursday. The currency touched a high and low of 82.05 and 81.94 respectively.

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