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Rupee ends lower on Wednesday

17 Jan 2024 Evaluate

Indian rupee ended lower on Wednesday amid massive selling in domestic equity markets and a strong greenback overseas. Traders got cautious as the Reserve Bank of India (RBI) alerted high-street banks to get ready for an emerging multi-currency world amid measures to internationalise the rupee. Investors paid no heed towards Crisil's report stating that corporates' revenues are likely to have grown 8-10 per cent in the 2023 December quarter on an annual basis. As per Crisil Ratings, the operating profits have likely expanded 100-150 basis points on-year in the three months ended December 2023, giving the corporates an overall operating margin of 19-20 per cent in the first nine months of 2023-24 fiscal. On the global front, dollar hit a one-month high against a basket of its peers on Wednesday as the safe haven gained on the hit to sentiment from soft Chinese data and global rate setters arguing against imminent cuts.

Finally, the rupee ended at 83.13 (Provisional), weaker by 1 paisa from its previous close of 83.12 on Tuesday. The currency touched a high and low of 83.17 and 83.07 respectively. 

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