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Rupee settles lower against dollar on Thursday

11 Jul 2024 Evaluate

Indian rupee settled lower on Thursday weighed down by a weak tone in domestic markets. Traders overlooked the report that labour ministry said retail inflation for industrial workers eased to 3.86 per cent in May compared to 4.42 per cent in the same month a year ago. The All-India CPI-IW for May 2024 increased by 0.5 points and stood at 139.9 points. It was 139.4 points in April 2024. On the global front, Sterling hit a four-month high on Thursday as comments from Bank of England policymakers and better-than-forecast GDP data led traders to reduce bets on an August rate cut in Britain, while they awaited crucial U.S. inflation data.

Finally, the rupee ended at 83.56 (Provisional), weaker by 5 paise from its previous close of 83.51 on Wednesday. The currency touched a high and low of 83.59 and 83.49 respectively.

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