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Rupee ends lower against dollar

12 Mar 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Tuesday ahead of the release of key macroeconomic data. Traders overlooked reports that Commerce and Industry minister Piyush Goyal has exuded confidence that during this fiscal, the country's goods and services export numbers will be at the same level; as it was last year despite slowdown and uncertainties in the global trade. He also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit. On the global front, dollar held broadly steady on Tuesday ahead of key U.S. inflation data due later in the day, while the yen firmed near a one-month high on mounting expectations the Bank of Japan could exit negative interest rates as early as next week. 

Finally, the rupee ended at 82.78 (Provisional), weaker by 3 paise from its previous close of 82.75 on Monday. The currency touched a high and low of 82.78 and 82.72 respectively.

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