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Rupee ends considerably weaker against dollar

03 Oct 2024 Evaluate

Indian rupee ended considerably weaker against dollar on Thursday, due to rising crude oil prices and negative sentiment in the domestic equity markets amid concerns over escalating tension in the Middle East. Dollar’s strength against major global currencies overseas also weighed on the domestic unit. Traders remained concerned as exchange data showed Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 5,579.35 crore on a net basis in the cash segment. Some cautiousness also came as a labour ministry statement said retail inflation for industrial workers inched up marginally to 2.44 per cent in August against 2.15 per cent in July this year. The All-India CPI-IW (Consumer Price Index-Industrial Workers) for August 2024 decreased by 0.1 points and stood at 142.6 points. On the global front, Dollar rallied against Yen on Thursday, as the yen continues to struggle with the idea that the Bank of Japan cannot tighten monetary policy any further.

Finally, the rupee ended at 83.99 (Provisional), depreciated by 17 paise from its previous close of 83.82 on Tuesday. The currency touched a high and low of 83.99 and 83.91 respectively.


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