Indian Rupee ended higher against the US dollar on Wednesday aided by losses in global crude prices and a weak dollar ahead of the US Federal Reserve's policy decision. Besides, possible intervention by the central bank to check volatility in currency markets also helped the domestic unit. Traders took support with Finance Ministry’s statement that net direct tax collection grew 23.51 per cent to over Rs 8.65 lakh crore till mid-September 2023, on higher advance tax mop-up from corporates. Besides, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said that the Indian economy has started doing well even in an unsupportive global environment, as the Modi-led government implemented various reforms in the last nine years, resulting in improvements in key macroeconomic indicators. On the global front, the ringgit ended higher against the US dollar on Wednesday ahead of the US Federal Open Market Committee (FOMC) interest rate decision due later.
Finally, the rupee ended at 83.11 (Provisional), stronger by 21 paise from its previous close of 83.32 on Monday. The currency touched a high and low of 83.27 and 83.06 respectively.
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