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Rupee retreats from two-week peak, but closes higher

Despite strong inflows and positive cues, market participants are doubtful about the rupee's likely trend for the rest of the year as a wide current account keeps the currency under pressure.

December 01, 2022 / 03:42 PM IST

The Indian rupee pared gains but finished stronger against the dollar on Thursday as global markets were buoyed by the U.S. Federal Reserve Chair Jerome Powell's comments that were less hawkish than expected.

The partially convertible rupee ended at 81.2150 per dollar, compared to its previous close of 81.4225.

The currency had briefly strengthened to a two-week high of 80.99 in early trades, but gradually gave up some of those gains.

State-run banks were seen bidding for dollars on behalf of oil companies, two traders said, citing lower spot prices.