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Rupee ends flat against dollar on Tuesday

12 Dec 2023 Evaluate

Indian rupee ended flat on Tuesday as investors remained cautious ahead of the release of domestic inflation data and the upcoming US Fed meeting. Investors overlooked report that Finance Minister Nirmala Sitharaman said retail inflation is now stable and temporary increases in inflation on a few occasions are caused by demand-supply mismatches arising out of global shocks and adverse weather conditions. Besides, Reserve Bank of India (RBI) in its report on state budgets, which is done annually, stating that states' finances improved in FY23, and there is a need to look at asset monetisation to help garner non-tax revenues. On the global front, dollar ticked lower on Tuesday and the yen regained some ground it had lost in the past two sessions as traders turned their focus to U.S. inflation data later in the day and a slew of central bank meetings ahead.

Finally, the rupee ended flat with its previous close of 83.37 on Monday. The currency touched a high and low of 83.39 and 83.35 respectively.

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