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Rupee ends higher for second consecutive session

23 Aug 2023 Evaluate

Indian Rupee ended higher against the US dollar on Wednesday amid positive tone in the domestic markets supported the upward move. Softening of crude oil prices also supported the domestic unit. Investors were hoping for good Q1FY24 GDP data of India after several rating agencies upgraded growth estimates for the country. Traders overlooked India Ratings and Research’s (Ind-Ra) latest analysis report based on ‘the Q1FY24 results of 3,323 listed companies’ showing a continued year on year (YoY) fall in revenue growth, a declining trend in coverage indicators and steady operating margins across most sectors. On the global front, U.S. dollar eased from a two-month peak on Wednesday as investors looked to the Federal Reserve chair's speech this week for cues on the path of monetary policy. 

Finally, the rupee ended at 82.72 (Provisional), stronger by 27 paise from its previous close of 82.99 on Tuesday. The currency touched a high and low of 83.02 and 82.68 respectively.

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