Snapping six-day gaining streak, Indian rupee ended flat against the dollar on Thursday as investors looked ahead to key economic indicators like retail inflation and factory production for directional cues. Some concern also came as provisional data from the NSE showed that foreign institutional investors (FIIs) sold shares worth Rs 1,721.35 crore on January 10. However, traders took some support with Finance Minister Nirmala Sitharaman’s statement that India will become the third largest economy by 2027-28, with a GDP of over $5 trillion. On the global front, dollar edged lower on Thursday as traders waited for U.S. inflation data to confirm whether bets on as many as five Fed interest rate cuts this year were justified, while weak Japanese wages data sent the yen to a six-week low against the euro.
Finally, the rupee ended unchanged from its previous close of 83.03 on Wednesday. The currency touched a high and low of 83.08 and 82.93 respectively.
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