Indian rupee ended lower against the U.S. dollar on Tuesday weighed down by a strong dollar and elevated crude oil prices. Traders overlooked positive GST collection and India's manufacturing PMI data. The finance ministry has said that Goods and Services Tax (GST) collections in March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. While, according to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 59.1 in March as against 56.9 in February. On the global front, U.S. dollar hit its highest in almost five months on Tuesday as stronger-than-expected economic data caused investors to rein in their bets on a June rate cut, boosting the currency. Fears of intervention by Japanese officials slowed the dollar's gains against the yen, however, even as long-term U.S. Treasury yields - which the currency pair tends to track - jumped to a two-week top overnight.
Finally, the rupee ended at 83.42 (Provisional), weaker by 3 paise from its previous close of 83.39 on Thursday. The currency touched a high and low of 83.44 and 83.34 respectively.
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