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Rupee ends higher for 2nd consecutive day

15 Dec 2023 Evaluate

Indian rupee ended higher for the 2nd consecutive day against the US dollar on Friday, following a record-breaking rally in domestic stocks. Sentiments remained up-beat with Ministry of Finance stating that net direct tax collection in the eight months (April-November) of the current fiscal (FY24) touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year. Heavy buying by foreign investors also boosted the rupee sentiment. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth Rs 3,570.07 crore, according to exchange data. On the global front, the dollar headed for its biggest weekly drop in five months on Friday as the prospect of rate cuts from the Federal Reserve against a tough line from central banks in Europe on monetary policy fed weekly gains in the euro and the pound. 

Finally, the rupee ended at 83.01 (Provisional), stronger by 29 paise from its previous close of 83.30 on Thursday. The currency touched a high and low of 83.32 and 82.94 respectively.


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