Continuing previous session gains, Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Investors took support with Finance Minister Nirmala Sitaraman’s statement that Foreign Direct Investment (FDI) staying in the country and creating jobs and prospects, and not the outflow of Foreign Institute Investors (FIIs) and Foreign Portfolio Investors (FPIs), should be assessed to measure robustness of the Indian economy. She added that India continues to remain the highest receiver of the FDI. Traders shrugged off Ministry of Commerce and Industry’s latest data where India's trade deficit rose 87.5 per cent to $192.41 billion in 2021-22 as against $102.63 billion in the previous year. The trade deficit in March 2022 was $18.69 billion. It showed that while total exports during last fiscal year increased to a record high of $417.81 billion, imports too soared to $610.22 billion, leaving a trade gap of $192.41 billion. On the global front, sterling strengthened marginally against the euro on Tuesday, clinging to gains made on Monday while pulling away from a three-month low hit last week.
Finally, the rupee ended at 75.29 (Provisional), stronger by 24 paise from its previous close of 75.53 on Monday. The currency touched a high and low of 75.54 and 75.27 respectively.
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