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Rupee depreciates against greenback
Apr-22-2021

Indian rupee ended lower against dollar on Thursday, on increased demand for the greenback from importers and banks. Investors were worried on fears that virus led restrictions will now extend beyond the bigger cities, to smaller towns and states as cases continue to rise. The localised lockdowns and severe restrictions on movements are also going to take toll on the expected GDP growth for FY22. However, downfall remain limited as Commerce Secretary Anup Wadhawan stated that the country's exports are reviving and the shipments are expected to be in the solid positive territory in this financial year. On the global front; pound slipped on Thursday before a European Central Bank meeting, as investors weighed up the outlook for an economic recovery from COVID-19 in the UK.

Finally, the rupee ended 74.94, weaker by 6 paise from its previous close of 74.88 on Tuesday. The currency touched a high and low of 75.26 and 74.82 respectively.

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