Indian rupee ended lower against the U.S. dollar on Tuesday weighed down by a negative trend in domestic equities and a strong greenback against major crosses overseas amid geopolitical tensions. Traders were concerned with report that India’s merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as well during the entire 2023-24. Traders ignored Reserve Bank of India’s (RBI) latest data on ‘Overseas Direct Investment’ showing that India’s outward foreign direct investment (OFDI) commitments rose 48.68% to $3919.84 million in March 2024 as against $2636.42 million in March 2023. Sequentially, FDI commitments were also up from $3,671.94 million in February 2024. On the global front, sterling stayed at a five-month low versus the dollar on Tuesday, after data showed Britain's unemployment rate rose by more-than-expected.
Finally, the rupee ended at 83.58 (Provisional), weaker by 14 paise from its previous close of 83.44 on Monday. The currency touched a high and low of 83.61 and 83.47 respectively.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: