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Rupee ends higher against dollar on Tuesday

26 Mar 2024 Evaluate

Indian rupee ended higher against the U.S. dollar on Tuesday on decline in the US dollar and positive Asian currencies. Traders got support as S&P Global Ratings has raised India's Gross domestic product (GDP) growth forecast for the next financial year (FY25) to 6.8 per cent, but flagged restrictive interest rates as a dampener for economic growth. In November 2023, it had projected India's growth to be 6.4 per cent in FY25 on robust domestic momentum. It said the Indian economy is estimated to have clocked a growth of 7.6 per cent in the current fiscal (FY24). On the global front, the yen found some stability on Tuesday, just shy of its weakest level in 34 years, as verbal intervention by Japanese officials continued, while the dollar was on the back foot. 

Finally, the rupee ended at 83.29 (Provisional), stronger by 32 paise from its previous close of 83.61 on Friday. The currency touched a high and low of 83.37 and 83.26 respectively.

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