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Rupee appreciates marginally against greenback
Jun-30-2022

Indian rupee ended marginally higher against dollar on Thursday, on persistent selling of the American currency by exporters. Traders got some support, as amid the rupee declining against the US dollar, Finance Minister Nirmala Sitharaman said the Indian currency is relatively better placed than other global currencies against the greenback. However, gains remain capped as some concern came with a private report stated that inflationary pressures are likely to continue and force the RBI to further hike interest rates during the course of the current fiscal but the tighter financial conditions can impact growth. The report said there are reasons to be optimistic on the growth front but factors like tighter financial conditions can have an impact on the GDP expansion. On the global front, the euro struggled to regain its footing on Thursday after tumbling overnight against a resurgent U.S. dollar, which benefited from safe-haven demand on renewed worries about higher rates and a global recession.

Finally, the rupee ended at 78.97 (provisional), stronger by 6 paise from its previous close of 79.03 on Wednesday. The currency touched a high and low of 78.99 and 78.90 respectively.

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