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Rupee likely to hit 81 against dollar by FY23-end

Published on July 06, 2022
Current Context: The local currency is seen to reach up to 81 by March 2023 end due to a widening trade deficit, a strong dollar, and foreign funds outflow.
Rupee likely to hit 81 against dollar by FY23-end
  • As per the latest data, the country’s trade deficit touched a fresh record of $25.63 billion in June 2022 compared to $24.3 billion in May 2022.
  • Besides Country's Imports climbed to $63.58 billion and stood at $187.02 billion in Q1 of the current fiscal.
  • NSDL data showed that Foreign Portfolio Investors continued to remove their money from the Indian market even in July.
  • On the other hand, India’s oil imports remain relatively high due to higher oil prices.
  • The government intervention through an increase in customs duty on gold by a to 15% could reduce gold imports but the impact is likely to be marginal.

Question:

Q.1 As per the recent report, the Indian Rupee is seen to reach up to __________ by March 2023?
a. 82
b. 79
c. 81
d. 83
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