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Rupee depreciates against dollar on Friday

15 Sep 2023 Evaluate

Rupee settled lower against dollar on Friday dragged down by rising crude oil prices and a strong greenback against major rivals overseas. Traders overlooked reports that India's merchandise trade deficit narrowed to $24.16 billion in August as compared to $24.86 billion in the same month last year, down 2.8 percent. The merchandise exports stood at $34.48 billion, while imports were $58.64 billion in August, government data showed. In the previous month, merchandise exports were $32.25 billion, while imports stood at $52.92 billion. On the global front, the pound rose against the dollar on Friday as the greenback slipped and as traders looked ahead to the Bank of England's interest rate decision next week. 

Finally, the rupee ended at 83.15 (Provisional), weaker by 12 paise from its previous close of 83.03 on Thursday. The currency touched a high and low of 83.20 and 82.98 respectively.


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