Indian rupee settled flat against the US dollar on Tuesday. Traders were worried as inflation based on wholesale price index (WPI) accelerated in the month of April 2024 to 1.26% from 0.53% in March 2024, due to increase in prices of food articles, crude petroleum & natural gas, manufacture of food products, other manufacturing etc. Traders overlooked report that the Consumer Price Index (CPI)-based retail inflation eased to an 11-month low of 4.83 per cent in April 2024 as prices of some kitchen items declined though overall food basket firmed up marginally. On the global front, dollar edged higher on Tuesday as traders awaited U.S. inflation data, while the yen hovered near a two-week low, stoking intervention worries.
Finally, the rupee ended flat with its previous close of 83.51 on Monday. The currency touched a high and low of 83.52 and 83.51 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: