Indian rupee shed most of its early gains but still managed to end marginally higher against the American currency on Tuesday, due to selling of the US currency by exporters and banks. Traders took solace as New research from the US India Strategic Partnership Forum (USISPF) and digital currency exchange CrossTower has said web 3.0, the idea that the next iteration of the Internet which will be built on concepts of decentralisation, openness, and greater user utility, can help India contribute an additional $1.1 trillion of economic growth to its GDP over the next 11 years. However, upside remain capped with credit rating agency ICRA’s report stated that the looming threat of the newly discovered Omicron variant of Covid-19 can severely affect loan securitisation volumes in the country as concerns over retail asset quality reemerge. On the global front, sterling was slightly higher on Tuesday, while some in the market bet that the Bank of England will raise interest rates in February 2022 after keeping them unchanged this month.
Finally, the rupee ended 75.44 (Provisional), stronger by 1 paise from its previous close of 75.45 on Monday. The currency touched a high and low of 75.49 and 74.26 respectively.
