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Rupee ends higher against greenback

11 Oct 2022 Evaluate

Reversing previous session drubbing, Indian rupee appreciated significantly against dollar on Tuesday. Traders found support with report stating that the support of comprehensive economic partnership agreement, the UAE is aiming trade with India to cross $100 billion-mark over the next 2-3 years. The Indo-UAE trade stood at $73 billion in FY22, which got a major fillip since the two nations signed the comprehensive economic partnership agreement (CEPA) on May 1, 2022. Traders took a note of reports U.S. President Joe Biden pledged to Ukraine President Volodomyr Zelenskiy that the United States will provide Ukraine with advanced air systems after a devastating missile barrage from Russia. On the global front, U.S. dollar edged back toward September's multi-year highs on Tuesday as worries about rising interest rates and geopolitical tensions unsettled investors, while the yen hovered near the level that prompted last month's intervention.

Finally, the rupee ended at 82.21 (Provisional), stronger by 19 paisa from its previous close of 82.40 on Monday. The currency touched a high and low of 82.41 and 82.21 respectively.

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