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Rupee ends higher against dollar on Tuesday

12 Sep 2023 Evaluate

Indian rupee ended higher against dollar on Tuesday amid fresh foreign fund inflows and expectations of better macroeconomic data. Traders got support with Commerce and Industry Minister Piyush Goyal’s statement that the country and Saudi Arabia can look at doubling bilateral trade to $100 billion in the coming years from about $52 billion at present. He said the two countries can also look at a more balanced trade. Meanwhile, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh has said that the government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players. On the global front, yen slipped on Tuesday after its biggest daily rise since mid-July the day before after comments from Japan's top central banker on a possible end to its negative interest rate policy reverberated throughout markets.

Finally, the rupee ended at 82.95 (Provisional), higher by 8 paise from its previous close of 83.03 on Monday. The currency touched a high and low of 83.01 and 82.86 respectively.

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