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Rupee depreciates against US dollar on Friday
Oct-18-2024

Indian rupee depreciated against the US dollar on Friday. Traders were cautious as a report by the State Bank of India (SBI) stated that India's imported inflation reached a 13-month high in September 2024, growing by 2 per cent. Some concern also came as exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 7,421.40 crore on Thursday. Investors overlooked the report that direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. On the global front, US Dollar turned flat to a touch softer on Friday with some profit-taking after steep rallies against many major G20 currencies this week. The slight retracement comes on the back of Chinese economic data and more details on the stimulus package the Chinese government is rolling out.

Finally, the rupee ended at 84.07 (Provisional), depreciated by 1 paisa from its previous close of 84.06 on Thursday. The currency touched a high and low of 84.07 and 84.06 respectively.

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