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Rupee appreciates against US dollar amid selling in American currency
May-23-2025

Indian rupee snapped its three-day losing streak and appreciated against the US dollar on Friday on a sharp fall in the dollar index and surge in domestic equities. Traders took some encouragement as Union Minister of Commerce and Industry Piyush Goyal held a meeting with Howard Lutnick, the United States Secretary of Commerce, to discuss the prospects of a mutually beneficial trade agreement between the two nations. Meanwhile, UK for the first time has agreed to accord non-discriminatory treatment to Indian companies in its public procurement system under the free trade agreement (FTA) between the two countries. On the global front, British pound strengthened against other major currencies in the European session on Friday, after U.K. retail sales rebounded more than expected in April as good weather boosted food store sales. 

Finally, the rupee ended at 85.45 (Provisional), appreciated by 50 paise from its previous close of 85.95 on Thursday. The currency touched a high and low of 86.10 and 85.11 respectively.

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