Reversing previous session drubbing, Indian rupee appreciated significantly against dollar on Tuesday amid heavy buying in domestic equities and weakness in the greenback. Traders were energized as foreign investors turned net buyers after a gap of eight days of being net sellers. The foreign portfolio investors bought equities worth 590.58, according to National Stock Exchange data. Sentiments were also upbeat with Icra Ratings’ statement that credit quality of corporates has strengthened further in the first half of the current fiscal with rating upgrades being more than three times that of downgrades, carrying on with the momentum since early FY22. On the global front, dollar slid on Tuesday as U.S. treasury yields paused in a relentless climb higher, providing brief relief to share markets and helping the euro and sterling move further off multi-year lows.
Finally, the rupee ended at 81.62 (Provisional), stronger by 20 paisa from its previous close of 81.82 on Monday. The currency touched a high and low of 81.66 and 81.36 respectively.
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