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Rupee continues upward march for second straight session
Jan-10-2022

Indian rupee ended higher against dollar on Monday, owing to dollar sale by exporters and banks. This is the second consecutive session when the rupee traded higher against dollar. Also, strong gains in domestic equity markets supported rupee. Sentiments were upbeat after three months of selling spree, foreign investors have turned net buyers in the first week of January by infusing Rs 3,202 crore in Indian equities, as correction in markets provided them good buying opportunity. Traders took encouragement with National Statistical Office (NSO) in its first advance estimate indicated that the Indian economy remains on track to regain its position as the world's fastest-growing major economy and put the GDP expansion at a tempered 9.2 per cent this fiscal. Traders also got solace as India has begun administering booster doses of the COVID-19 vaccine to frontline workers and vulnerable elderly people on January 10. On the global front, sterling on Monday hit its highest level against the euro since February 2020 amid rate rise expectations and easing fears about the adverse impact of the Omicron variant on the economy.

Finally, the rupee ended 74.05, stronger by 29 paise from its previous close of 74.34 on Friday. The currency touched a high and low of 74.21 and 74.03 respectively.

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