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Rupee depreciates against dollar on Thursday
Mar-28-2024

Rupee ended lower on Thursday due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets. Traders ignored Union Finance Minister Nirmala Sitharaman’s statement that government will continue the push on its reforms agenda in its third term since political continuity, along with a predictable and stable economic environment and taxation structure, is important to achieve the laid-down developmental goals. Meanwhile, Chairman of the 16th Finance Commission Arvind Panagariya said that India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years. On the global front, the yen languished near its weakest in decades on Thursday though the threat of intervention from Japanese authorities kept investors leery of pushing the currency to a new low.

Finally, the rupee ended at 83.38 (Provisional), weaker by 5 paise from its previous close of 83.33 on Wednesday. The currency touched a high and low of 83.40 and 83.30 respectively.

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