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Rupee ends higher for sixth straight session

10 Jan 2024 Evaluate

Rising for the sixth straight session, Indian rupee ended higher against the dollar on Wednesday tracking a firm trend in equity markets and easing crude prices. A weakness in greenback overseas also boosted the domestic currency. Some support came in after the World Bank retained India's growth rate projection at 6.3 per cent for FY24 and 6.4 per cent for the next fiscal. On the global front, the Japanese Yen weakened following the release of weaker domestic wage growth data. The Labour Ministry reported that real wages in Japan shrank for the 20th month in November. This comes on top of falling rates of inflation in Tokyo -- Japan's capital city -- and reaffirms bets that the Bank of Japan (BoJ) will not pivot away from negative interest rates in January.

Finally, the rupee ended at 83.03 (Provisional), stronger by 10 paise from its previous close of 83.13 on Tuesday. The currency touched a high and low of 83.18 and 82.97 respectively.

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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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