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Rupee ends almost unchanged on Wednesday
Apr-24-2024

Indian rupee consolidated in a narrow range and settled almost unchanged against the US dollar on Wednesday, as the support from positive domestic equities was negated by rising American currency. Elevated crude oil prices and significant foreign fund outflows in the international market dented investors' sentiments. Some concern also came as the Reserve Bank of India’s (RBI) latest bulletin stated that extreme weather events along with prolonged geopolitical tensions could pose a risk to India’s inflation trajectory, even as growth in the South Asian nation exhibits an uptrend. It said food price pressures have been interrupting the ongoing disinflation process even as shocks from adverse climate events and geopolitical tensions add uncertainties to the outlook. On the global front, U.S. dollar regained some lost ground on Wednesday following big falls against the euro and sterling the day before, while the yen remained mired near 34-year lows even as Japanese officials stepped up intervention warnings. 

Finally, the rupee ended at 83.30 (Provisional), stronger by 1 paise from its previous close of 83.31 on Tuesday. The currency touched a high and low of 83.33 and 83.26 respectively.


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