Indian rupee ended almost flat against dollar on Tuesday, amid strengthening American currency and rising crude prices. Traders also remained on sidelines ahead of Budget announcements due later this week. However, traders took some support with the Reserve Bank of India’s (RBI) latest data report that foreign direct investment (FDI) during the previous fiscal grew 18 per cent to Rs 28.25 lakh crore. As per data, FDI increased by Rs 4,33,300 crore, including revaluation of past investments, during 2017-18 to reach Rs 28,24,600 crore in March 2018 at market value. The RBI said as many as 23,065 companies responded to the latest round of the census, of which, 20,732 firms had FDI or ODI in their balance sheet in March 2018. On the global front, Sterling firmed a touch on Tuesday but held well off recent multi-month highs against the euro and dollar as traders weighed up whether lawmakers would back a key parliamentary amendment that would effectively take a no-deal Brexit off the table.
Finally, the rupee ended at 71.11, 1 paise weaker from its previous close of 71.10 on Monday. The currency touched a high and low of 71.22 and 71.03 respectively. The reference rate for the dollar stood at 71.09 and for Euro stood at 81.31 on January 29, 2019. While the reference rate for the Yen stood at 65.05, the reference rate for the Great Britain Pound (GBP) stood at 93.54.
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