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Rupee ends lower against dollar on Wednesday

10 Jul 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Wednesday amid rising crude oil prices overseas and selling in domestic equities. Traders were concerned with a private report stating that India consumer price inflation probably edged up in June, snapping five months of declines, largely because of a jump in vegetable prices caused by the damage to crops wrought by extreme weather. On the global front, Australian Dollar (AUD) declines on Wednesday as the AUD/USD pair continues to face challenges following Federal Reserve (Fed) Chairman Jerome Powell’s testimony before the US Congress on Tuesday. Despite acknowledging improving inflation figures, the Fed remains firmly cautious.

Finally, the rupee ended at 83.51 (Provisional), weaker by 2 paise from its previous close of 83.49 on Tuesday. The currency touched a high and low of 83.53 and 83.48 respectively.

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