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  • The Indian rupee is likely to dismiss some of the sharp losses witnessed in the previous session. Weakness in dollar coupled with lower crude oil prices could lend some support to the domestic unit. Dollar is under pressure, hurt by Treasury yields wallowing near two-week lows amid rising concerns of a recession. The dollar index, which measures the currency against six key rivals, slipped to 103.89.On Wednesday, rupee hit fresh record low of 78.30 against the dollar. At the interbank foreign exchange, the rupee opened unchanged at 78.13 against the US dollar, then dropped lower to quote 78.30, before recovering to 78.2850. In the previous session, the rupee had closed at 78.13 against the US dollar.

    Domestic benchmark indices ended with deep cuts on Wednesday, amid weak global cues. The barometer index, the S&P BSE Sensex, down 709.54 points or 1.35% to 51,822.53. The Nifty 50 index declined 225.50 points or 1.44% to 15,413.30. Foreign portfolio investors (FPIs) sold shares worth Rs 2,920.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,859.07 crore in the Indian equity market on 22 June, provisional data showed.

    Overseas, Asian stocks are trading higher on Thursday as investors continued to monitor recession concerns. Chinese President Xi Jinping chaired a top-level meeting on Wednesday that approved a plan for the healthy development of Chinas large payment firms and fintech sector. US stocks fell slightly Wednesday in choppy trading as markets struggled to sustain a rebound from earlier in the day. Traders also weighed comments from Federal Reserve Chair Jerome Powell, who reiterated the central banks stance to fight inflation.

    The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday. Powell said at a hearing before the U.S. Senate Banking Committee that a recession was certainly a possibility and events in the last few months around the world had made it more difficult to reduce inflation without causing one. On Wednesday, Powell reiterated that ongoing increases in the Feds policy rate would be appropriate, with the exact pace dependent on the economic outlook.

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