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Indian rupee hits one-month high against dollar on Tuesday
Aug-02-2022

Indian rupee appreciated to hit a one-month high, strengthening for the fourth straight session against dollar on Tuesday amid foreign fund inflows and a weak dollar against key rivals overseas. Besides, softening crude oil prices strengthened domestic forex. Sentiments were upbeat after Union Minister of State for Finance Pankaj Chaudhary said that as per provisional estimates released by National Statistical Office (NSO), Indian economy in 2021-22 has fully recovered the pre-pandemic real GDP level of 2019-20. Meanwhile, Finance Minister Nirmala Sitharaman asserted there is no collapse in rupee and it is actually finding its natural course. On the global front, pound weakened against the dollar on Tuesday as traders turned to safe-haven currencies amid rising U.S.-China tensions over Taiwan.

Finally, the rupee ended at 78.63 (provisional), stronger by 43 paisa from its previous close of 79.06 on Monday. The currency touched a high and low of 78.96 and 78.49 respectively.

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