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Rupee appreciates against dollar on Wednesday
Oct-16-2024

Indian rupee appreciated against the U.S. dollar on Wednesday as easing crude oil prices supported investor sentiments. Investors took support with report that the country's merchandise exports rose marginally by 0.5 per cent to $34.58 billion in September while trade deficit narrowed to $20.78 billion. Imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period. The trade deficit, or the gap between imports and exports, was $20.8 billion during the same month last year. It soared to a 10-month high of $29.65 billion in August. On the global front, Sterling tumbled to its lowest on Wednesday after softer than expected British inflation data offered scope for the Bank of England to cut rates more forcefully, while the euro was at a 10-week low ahead of a European Central Bank meeting.

Finally, the rupee ended at 84.00 (Provisional), appreciate by 4 paise from its previous close of 84.04 on Tuesday. The currency touched a high and low of 84.07 and 83.98 respectively.

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