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Rupee ends lower against greenback

22 Aug 2024 Evaluate

Indian rupee ended weaker against dollar on Thursday as relentless dollar demand from importers and relentless foreign fund outflows dampened investor sentiments. Traders overlooked latest HSBC Flash India PMI (Purchasing Manager’s Index) report showing that India's business activity extended its robust growth streak in August as a stronger services industry offset a slight slowing in manufacturing expansion. The report showed that the Composite PMI Output Index recorded an impressive 60.5, marking the 37th consecutive month of expansion. On the global front, the Japanese Yen (JPY) edged lower against the US Dollar on Thursday. The USD/JPY pair gains ground as the JPY remains tepid following the record trade deficit report on Wednesday. Traders are anticipating Bank of Japan (BoJ) Governor Kazuo Ueda's appearance in parliament on Friday, where he will discuss the central bank's decision last month to raise interest rates.

Finally, the rupee ended at 83.93 (Provisional), weaker by 2 paise from its previous close of 83.91 on Wednesday. The currency touched a high and low of 83.97 and 83.93 respectively.

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