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Rupee ends lower on Tuesday

06 Feb 2024 Evaluate

Indian rupee ended lower against the US dollar on Tuesday amid a firm American currency against major currencies overseas. Investors overlooked a report that the Organization for Economic Co-operation and Development (OECD) raised India’s growth outlook for 2024-25 (FY25) to 6.2 per cent from the 6.1 per cent estimated earlier in its November outlook. However, positive sentiment in the domestic equity markets and lower global crude prices limited fall in the domestic unit. On the global front, U.S. dollar was up slightly on Tuesday, close to its highest level in almost three months, while the Australian dollar ran out of steam after rising earlier in the session. A string of robust U.S. economic data and remarks from Federal Reserve Chair Jerome Powell have quashed speculation of early and steep interest rate cuts and supported the greenback.

Finally, the rupee ended at 83.05 (Provisional), weaker by 2 paise from its previous close of 83.03 on Monday. The currency touched a high and low of 83.06 and 83.03 respectively.


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