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Rupee ends higher for second consecutive day

11 Oct 2023 Evaluate

Indian Rupee ended higher against the US dollar on Wednesday amid robust buying in domestic equities and a weak American currency overseas. Traders took encouragement with Ministry of Finance’s statement that India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore in the period from April 1 to October 9. Besides, multilateral agency IMF raising India's growth projection continued to support the local unit. Traders also took note of former economic affairs secretary Atanu Chakraborty’s statement that India is expected to become a $30-trillion economy by 2050 pushed by robust consumption and exports. On the global front, the pound held steady on Wednesday, recovering some stability after an intensely volatile week that has been dominated by safe-haven flows on the back of violence in Israel and by a sudden shift in expectations for interest rates.

Finally, the rupee ended at 83.20 (Provisional), stronger by 5 paise from its previous close of 83.25 on Tuesday. The currency touched a high and low of 83.24 and 83.15 respectively.


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