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Rupee strengthens against dollar on Thursday
Mar-23-2023

Indian rupee strengthened against the dollar on Thursday, tracking the weakness of the American currency in the overseas market. Sentiments were upbeat as National Stock Exchange's provisional data showed foreign institutional investors (FII) have turn net buyers for first time in last 10 straight sessions, buying shares worth Rs 61.72 crore on March 22. Besides, the Reserve Bank of India (RBI) in its latest monthly bulletin showed that transmission of repo rate to banks’ deposit and lending rates seems to be better in an interest rate easing cycle than in the monetary tightening period. On the global front, sterling rose to a seven-week high against the dollar on Thursday ahead of a Bank of England meeting, with the central bank expected to rise interest rates once again in a bid to try to tame surging inflation.

Finally, the rupee ended at 82.27 (Provisional), stronger by 32 paise from its previous close of 82.59 on Tuesday. The currency touched a high and low of 82.41 and 82.08 respectively.

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