Indian Rupee ended higher against the US dollar on Tuesday ahead of the release of Q3 GDP data. Traders overlooked Reserve Bank of India's (RBI) latest data showing that banks' credit growth slowed down to 16.8 percent in the Q3 (October-December) of FY23 from 17.2 percent in the preceding quarter. In the year-ago period, bank credit grew at 8.4 percent. Growth in credit was led by bank branches in metropolitan centres, which account for nearly 60 per cent of the total credit by SCBs and recorded 17.2 per cent rise (y-o-y) in lending; urban, semi-urban and rural centres also recorded double digit credit growth. On the global front, U.S. dollar resumed its rally on Tuesday following a brief pause at the start of the week, putting it back on track to end the month with an impressive gain after a four-month losing streak.
Finally, the rupee ended at 82.64 (Provisional), stronger by 15 paise from its previous close of 82.79 on Monday. The currency touched a high and low of 82.75 and 82.58 respectively.
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