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Rupee ends higher against dollar on Tuesday

05 Dec 2023 Evaluate

Indian rupee ended higher against dollar on Tuesday amid positive sentiment in the equity markets and inflow of foreign funds. Sentiments were positive even after India’s services sector witnessed deceleration in growth during the month of November, amid softer expansions in new work intakes and output, the slowest in a year. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index eased to 56.9 in November from 58.4 in October. On the global front, sterling hovered around its highest levels in almost three months against the euro on Tuesday, as markets raised their bets on rate cuts by the European Central Bank, which widened their divergence with the Bank of England.

Finally, the rupee ended at 83.37 (Provisional), higher by 1 paisa from its previous close of 83.38 on Monday. The currency touched a high and low of 83.41 and 83.37 respectively.

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