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Rupee ends higher against dollar on Wednesday

10 Apr 2024 Evaluate

Indian rupee ended higher against the dollar on Wednesday taking support from equity benchmarks which climbed to all-time high levels. Also, a weak greenback against major currencies overseas boosted investor sentiment. Traders took support with a private report that India is expected to see a normal monsoon in 2024, promising some respite after a prediction of more-than-normal heat wave days in the summer preceding the June-September rainy season. Monsoon rains are expected to be 102% of the long-period average of 868.6 mm for the four-month period. Traders were braced for key macroeconomic data i.e. Index of industrial production (IIP) and Consumer Price Index (CPI) data due on Friday. On the global front, the dollar edged down on Wednesday ahead of a key inflation report later in the day, while the yen remained near multi-decade lows, keeping traders on alert for signs Japanese authorities could intervene to prop up the currency. 

Finally, the rupee ended at 83.20 (Provisional), stronger by 11 paise from its previous close of 83.31 on Monday. The currency touched a high and low of 83.23 and 83.15 respectively.

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