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Rupee ends substantially stronger against dollar
Jan-11-2022

Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Besides, healthy growth in the domestic equity market and dollar weakness against other currencies overseas added to the rupee gains. Traders got support after Tata group’s Chairman N Chandrasekaran said that coronavirus pandemic has not impacted India’s long-term growth trajectory although it has delayed it and in this decade, the country will lead the global growth rates. Traders also took support from the Quarterly Employment Survey (QES) report released by Union Labour Minister Bhupender Yadav stating that total employment in nine select sectors stood at 3.10 crore in the July-September 2021 quarter (Q2FY22), which is 2 lakh more than that of the April-June period. He said the rise shows improvement in economic activities after lifting of lockdown restrictions by states to curb the spread of deadly virus after the second wave of the COVID-19 pandemic hit the country in April 2021. On the global front, dollar slipped on Tuesday but was stuck within recent ranges as investors waited for U.S. Federal Reserve Chair Jerome Powell to speak at a congressional hearing later in the day.

Finally, the rupee ended 73.94, stronger by 11 paise from its previous close of 74.05 on Monday. The currency touched a high and low of 74.00 and 73.83 respectively.

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