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Rupee Falls 4 Paise To 82.80 Against A Resurgent Dollar On Fed View
The domestic currency falls against the dollar The rupee fell against a resurgent dollar in early trade on Friday, reflecting a deep sell-off in risk assets driven by the increased likelihood that interest rates would rise for an extended period after strong US economic growth data. After opening at 82.7975 per dollar, the rupee was last trading at 82.8000 per dollar, compared to its previous close of 82.7625 on Thursday, according to Bloomberg. "The US GDP came stronger than expected at 3.2 per cent against expectations of 2.9 per cent, taking the dollar index higher. The dollar was on the front foot on Friday after solid economic data reinforced the need for the Federal Reserve to stay on its aggressive monetary policy tightening path. According to data on Thursday, the number of Americans submitting new claims for unemployment benefits increased less than anticipated last week, indicating that the labour market is still tight. "The market's in an interesting predicament at the moment, sort of trying to figure out when the last rate hike is and at what level." Source - NDTV #rupee #dollar
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