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Rupee ends almost flat against US dollar on Friday

16 Aug 2024 Evaluate

Indian rupee ended almost flat against the US dollar on Friday despite a rally in domestic equities. Sentiments were pessimistic, as the commerce ministry in its latest data has showed that India's merchandise export dipped 1.2 per cent to $33.98 billion in July 2024 from $34.39 billion in the year-ago month. Imports increased by about 7.45 per cent to $57.48 billion in July 2024 against $53.49 billion a year ago due to a jump in the inbound shipments of crude oil, silver and electronic goods. Meanwhile, Prime Minister Narendra Modi said the government is taking steps to transform India into a global manufacturing hub, and he called for improving the quality of products and services to attain international standards. On the global front, sterling touched a three-week high on Friday, driven by optimistic UK retail sales data and a broad resurgence in risk appetite among investors. Data indicated that British retail sales rose 0.5% in July, partly fueled by extra spending due to the men's Euros soccer championship.

Finally, the rupee ended at 83.95 (Provisional), weaker by 1 paisa from its previous close of 83.94 on Wednesday. The currency touched a high and low of 83.96 and 83.93 respectively.


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