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Rupee settles higher against dollar for fourth day

12 Jan 2023 Evaluate

Indian rupee strengthened against the dollar for fourth consecutive day tracking the overall weakness in the American currency. Traders remained optimistic after government data has showed that the country's gross direct tax collection rose 24.58 per cent to Rs 14.71 lakh crore till January 10 this fiscal, buoyed by an upsurge in personal income tax mop-up. After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year. On the global front, yen got a boost on Thursday on expectations that the Bank of Japan will review the side effects of its monetary easing, while the dollar slipped and wobbled near a seven-month low against the euro ahead of U.S. inflation data later in the day.

Finally, the rupee ended at 81.57 (Provisional), stronger by 11 paise from its previous close of 81.68 on Wednesday. The currency touched a high and low of 81.75 and 81.54 respectively.

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