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Rupee ends higher against dollar on Wednesday

31 Jan 2024 Evaluate

Indian rupee ended higher against the dollar on Wednesday supported by a firm trend in domestic equities. Traders got support after the International Monetary Fund (IMF) raised India’s growth projection for 2024-25 (FY25) by 20 basis points (bps) to 6.5 per cent in its World Economic Outlook (WEO) update, citing buoyant domestic spending and improved global growth prospects. Besides, Union Minister Jitendra Singh has said that India will emerge as the world’s third largest economy in Narendra Modi's third term as Prime Minister. He said the country has great stakes in the return of the Government headed by PM Modi in order to continue the upward trend in Bharat’s growth story. On the global front, dollar was edging higher on Wednesday and headed for its biggest monthly gain since September, while the yen was set for its sharpest monthly drop in almost a year, as traders waited on a U.S. rates decision to round out January. 

Finally, the rupee ended at 83.04 (Provisional), stronger by 6 paise from its previous close of 83.10 on Tuesday. The currency touched a high and low of 83.12 and 83.01 respectively.

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