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Rupee ends higher against dollar on Tuesday

17 Oct 2023 Evaluate

Indian rupee ended higher against dollar on Tuesday amid a positive trend in domestic equities. Traders got support after industry body FICCI stated that India’s economic growth is expected at 6.3 per cent during 2023-24 on the back of good health of the financial sector and uptick in private investment even as downside risks remain. The street paid no heed towards a private report stating that a sharp decline in tomato prices may have caused the headline CPI (Consumer Price Index) inflation to plunge to 5.02% in September from 6.83% in August, but risks to food prices still persist. On the global front, sterling fell on Tuesday after data showed that growth in British workers' regular pay slowed from a previous record high and job vacancies also declined, with a softer labour market boosting the chance the Bank of England (BoE) will hold rates unchanged. 

Finally, the rupee ended at 83.25 (Provisional), higher by 2 paise from its previous close of 83.27 on Monday. The currency touched a high and low of 83.26 and 83.22 respectively.


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