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Rupee ends higher against greenback
Sep-27-2022

Erasing previous session losses, Indian Rupee ended higher against US dollar on Tuesday, on the back of selling of the American currency by exporters. Sentiments were upbeat as Chief Economic Advisor (CEA) V Anantha Nageswaran said the Indian economy is showing resilience and on the path to recovery. He added that private demand and the services sector are doing better than expected. Traders also took some solace after Organisation for Economic Cooperation and Development (OECD) in its latest Interim Economic Outlook has retained the India’s Gross Domestic Product (GDP) growth projection at 6.9 per cent for the current financial year (FY23) despite the global economy losing momentum in wake of the Russia-Ukraine war. Meanwhile, Finance Minister Nirmala Sitharaman stated that RBI's intervention focused more on rupee exchange rate fluctuation. On the global front, British pound was higher against the dollar on Tuesday, a day after hitting a record low, as the Bank of England and UK Treasury attempted to soothe market concerns after the government announced a raft of unfunded tax cuts.

Finally, the rupee ended at 81.55 (Provisional), stronger by 12 paisa from its previous close of 81.67 on Monday. The currency touched a high and low of 81.64 and 81.30 respectively.

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