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Rupee ends higher against dollar on Tuesday

18 Jun 2024 Evaluate

Indian rupee ended higher against the U.S. dollar on Tuesday buoyed by fresh inflow of foreign capital and a firm trend in domestic equity markets, wherein benchmark indices scaled new peaks. Investors got support as Fitch Ratings has raised India's Gross Domestic Product (GDP) growth forecast for current fiscal (FY25) to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. On the global front, the ringgit was higher against the American dollar at the close on Tuesday ahead of fresh US economic data later tonight. 

Finally, the rupee ended at 83.43 (Provisional), stronger by 12 paise from its previous close of 83.55 on Friday. The currency touched a high and low of 83.52 and 83.39 respectively.

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