The rupee touched 82.72 against the dollar before closing at 82.63

New Delhi: The Indian rupee on Friday closed at 82.63 after hitting a high of 82.72 against the US dollar.

The Indian currency gave up its early gains on higher dollar demand.

Earlier this month, the rupee hit a record high of 83.18 against the dollar.

Investors’ dim outlook for China and also the overall global economy weighed on the rupee.

The fate of the rupee will also hinge on the crucial Federal Reserve meeting on November 2, market observers said.

In addition to this, the ECB’s dovish comments led to the market’s view that central banks are likely to ease the pace of monetary policy tightening.

That was even more true after Canada’s central bank surprisingly announced a smaller-than-expected rate hike.

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