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Rupee depreciates against dollar on Thursday

16 Jan 2025 Evaluate

Indian rupee depreciated against the U.S. dollar on Thursday dragged down by a strong American currency overseas, elevated crude oil prices and foreign fund outflows. Traders overlooked report that the industry body PHDCCI said that India's economy is expected to become the fourth largest in the world by 2026, surpassing Japan, as it projected the nation's GDP to grow 6.8 per cent in the current financial year ending March and 7.7 per cent in FY26. Besides, Union Minister of Commerce & Industry, Piyush Goyal has said that India today is known as the first responder to the Global South for its humanitarian initiatives in times of natural disasters, adding that Indian government is there for every person in distress within the country and in the world. On the global front, dollar steadied on Thursday, after dipping alongside cooling U.S. inflation and falling bond yields, while the yen hit a one-month high on rising bets on a rate hike in Japan.

Finally, the rupee ended at 86.61 (Provisional), depreciated by 20 paise from its previous close of 86.41 on Wednesday. The currency touched a high and low of 86.61 and 86.37 respectively.

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