Indian rupee ended lower against the US dollar on Tuesday, tracking a negative trend in domestic equities and the strength of the American currency in the overseas market. Traders remained cautious with provisional data from the NSE showing that foreign institutional investors (FIIs) sold shares worth Rs 855.80 crore on January 1. Fears over new Covid variant also dampened sentiments. India logged 197 new cases of the JN.1 variant on Monday, the highest from Kerala, while the total number of active Covid-19 infections rose to 4,394 with the detection of 636 fresh cases, according to the INSACOG (Indian SARS-CoV-2 Genomics Consortium) data. On the global front, dollar was steady on the first trading day of the year as traders weighed the prospect of steep interest rate cuts from the Federal Reserve in 2024 and looked to economic data this week for clues on the central bank's next moves.
Finally, the rupee ended at 83.32 (Provisional), weaker by 11 paise from its previous close of 83.21 on Monday. The currency touched a high and low of 83.35 and 83.28 respectively.
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