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Rupee depreciates against dollar on Friday

19 Jul 2024 Evaluate

Indian rupee depreciated to close at its all-time low on Friday weighed down by strong American currency and muted trend in domestic equities. Traders paid no heed towards FICCI’s Economic Outlook Survey stating that Indian economy is expected to grow at an annual median GDP growth of 7 per cent in 2024-25. Besides, Crisil’s report noted that India's exports have shown resilience amidst global challenges, with merchandise exports rising by 5.8% to $109.96 billion in the first quarter of fiscal 2025. On the global front, dollar experienced a rise in jittery trading on Friday due to a widespread cyber outage impacting banks, airlines, and broadcasters, causing investor unease globally. 

Finally, the rupee ended at 83.66 (Provisional), weaker by 2 paise from its previous close of 83.64 on Thursday. The currency touched a high and low of 83.66 and 83.60 respectively.

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