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Rupee ends higher against dollar on Tuesday

21 May 2024 Evaluate

Indian rupee ended higher against the U.S. dollar on Tuesday following a weak greenback against major currencies overseas and softening crude oil prices in international markets. Traders got some support after India Ratings and Research expects the country's GDP growth rate for the March quarter at 6.2 per cent and around 6.9-7 per cent for the 2023-24 fiscal. The Indian economy grew 8.2 per cent in the June quarter, 8.1 per cent in the September quarter and 8.4 per cent in the December quarter of 2023-24. Besides, EPFO’s provisional payroll data showed that EPFO has added 14.41 lakh net members in the month of March, 2024. The data indicates that around 7.47 lakh new members have been enrolled during March 2024. On the global front, the dollar struggled for direction on Tuesday as investors stuck to their views for the expected timing of Federal Reserve monetary easing this year.

Finally, the rupee ended at 83.32 (Provisional), stronger by 5 paise from its previous close of 83.37 on Friday. The currency touched a high and low of 83.36 and 83.26 respectively.

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