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Rupee depreciates against dollar on Thursday

23 Nov 2023 Evaluate

Rupee settled lower against dollar on Thursday due to FII outflows and weak local equities. Traders were worried even after Union Minister of Commerce and Industry Piyush Goyal said that India’s exports to Nordic region has grown over 39% from 2018-19 to 2022-23 and that exports to Finland & Norway-grown by over 100% & 80% respectively. Besides, highlighting the fact the region has come close to India in recent years, the Minister pointed out that Indian Cuisine, Bollywood, Yoga, Ayurveda and Textiles are extremely popular in Nordic-Baltic region. On the global front, euro rose on Thursday for the first time this week, after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the United States and Japan kept trading activity muted. With markets shut in Japan and the United States for Thanksgiving holidays, currencies traded with some volatility, as liquidity was thinner than usual.

Finally, the rupee ended at 83.34 (Provisional), weaker by 2 paise from its previous close of 83.32 on Wednesday. The currency touched a high and low of 83.36 and 83.29 respectively.

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