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Rupee ends higher against dollar on Tuesday

11 Jul 2023 Evaluate

Indian rupee ended higher against the American currency on Tuesday, supported by a positive trend in equity markets and steady foreign fund inflows. Traders got encouragement as India’s direct tax collection soared 16 per cent to touch Rs. 4.75 trillion this financial year, showing continuity in revenue growth despite external headwinds. On the global front, dollar weakened to a two-month low on Tuesday after Federal Reserve officials signalled that the central bank was nearing the end of its tightening cycle. Sterling rose to a 15-month high against the dollar on Tuesday after hot British labour data underscored market expectations of more interest rate rises from the Bank of England (BOE), and the greenback softened across the board.

Finally, the rupee ended at 82.36 (Provisional), higher by 23 paise from its previous close of 82.59 on Monday. The currency touched a high and low of 82.43 and 82.32 respectively.

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