Indian Rupee ended fairly higher on Wednesday as the American currency retreated from its 20-year high levels. Sentiments were upbeat with Union Minister Anupriya Patel’s statement that India was expected to conclude free trade agreements with the United Kingdom, Canada, and the European Union before this year-end. Traders shrugged off data released by the RBI showing that India's outward foreign direct investment (OFDI) nearly halved to $3.39 billion in April on an annual basis. The OFDI stood at $6.71 billion in April 2021. On sequential basis too, the outward investment from India in April was lower compared to $3.44 billion in March 2022. Also, market participants remained cautious ahead of the inflation number that will be released on Thursday. On the global front, dollar held close to a two-decade high on Wednesday as investors waited for the latest U.S. inflation data to assess how aggressively the Federal Reserve will have to tighten monetary policy to keep rising prices in check.
Finally, the rupee ended at 77.24 (Provisional), stronger by 10 paise from its previous close of 77.34 on Tuesday. The currency touched a high and low of 77.31 and 77.17 respectively.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: