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Rupee ends lower on Wednesday

26 Jun 2024 Evaluate

Indian rupee settled lower on Wednesday weighed down by the strength of the American currency in the overseas market and elevated crude oil prices. Investors overlooked report that as Reserve Bank of India said India’s external debt ratio improved to the best level in 13 years in FY24, declining to 18.7 percent of the GDP from 19 percent in the previous year.  The country added nearly $40 billion during this period, taking the total debt to $663.8 billion as of March 2024. On the global front, Australian dollar rallied on a surprise jump in inflation on Wednesday, while the U.S. dollar kept downward pressure on the yen and yuan as traders waited on the release of U.S. price data at the end of the week. 

Finally, the rupee ended at 83.58 (Provisional), weaker by 15 paise from its previous close of 83.43 on Tuesday. The currency touched a high and low of 83.61 and 83.43 respectively.

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