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Rupee ends higher against dollar on Tuesday

22 Aug 2023 Evaluate

Indian rupee ended higher against dollar on Tuesday as the American currency retreated from its elevated levels. Traders got support as Icra Ratings in report stated that India’s economic growth will accelerate to 8.5 per cent in the April-June period of the current fiscal from the 6.1 per cent growth rate witnessed in the preceding January-March quarter. The rating agency attributed the faster growth to a supportive base and also a recovery in the services sector. On the global front, the U.S. dollar eased back from a 10-week peak versus major peers on Tuesday, even as Treasury yields marched to fresh post-financial crisis highs, as traders awaited a potentially crucial speech from Federal Reserve Chair Jerome Powell later this week. Besides, Russian rouble weakened on Tuesday, waiting for the favourable impact of a month-end tax period to take hold, but trading in a fairly narrow range after last week's wild volatility.

Finally, the rupee ended at 82.96 (Provisional), higher by 17 paise from its previous close of 83.13 on Monday. The currency touched a high and low of 83.09 and 82.93 respectively.

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