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Rupee ends higher against US dollar on Wednesday

05 Apr 2023 Evaluate

Indian Rupee ended higher against the US dollar on Wednesday as heavy buying in domestic equities bolstered investor sentiment. Traders got support with finance ministry’s statement that gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, buoyed by personal income tax collection. The gross tax collection exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. Meanwhile, credit rating agency Crisil in its latest report said that banks' gross non-performing assets (NPAs) will reduce further to a decadal low of 3.8 per cent by end of FY2023-24. On the global front, dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike.

Finally, the rupee ended at 82.02 (Provisional), stronger by 30 paise from its previous close of 82.32 on Monday. The currency touched a high and low of 82.20 and 81.92 respectively.

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