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Rupee ends lower against greenback on Thursday

02 May 2024 Evaluate

Indian rupee ended lower on Thursday amid a strong American currency and rising crude oil prices in global markets. Traders were worried as the growth in output of eight key infrastructure industries slowed to 5.2 per cent in March from 7.1 per cent in February. Investors took a note of the report stating that India's manufacturing sector growth eased slightly in the month of April but signaled the second-best improvement in the health of the sector for three-and-a-half years, supported by buoyant demand. Firms experienced a sharp upturn in new business intakes and scaled up production accordingly. On the global front, the yen fell slightly against the dollar on Thursday, reversing direction after a sudden surge late on Wednesday that traders and analysts were quick to attribute to intervention by Japanese authorities.

Finally, the rupee ended at 83.46 (Provisional), weaker by 3 paise from its previous close of 83.43 on Tuesday. The currency touched a high and low of 83.49 and 83.41 respectively.

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