Indian rupee ended lower against the U.S. dollar on Tuesday amid weak domestic markets. Traders shrugged off report that gross Goods and Services Tax (GST) collection surged 8 per cent to Rs 1.74 lakh crore in June 2024 as compared to Rs 1.61 lakh crore mopped up in June 2023, reflecting a buoyant economy, with businesses demonstrating commendable self-compliance. Meanwhile, the first transaction of over Rs 1 crore pulses export to Myanmar from India was successfully executed under the Rupee-Kyat trade settlement mechanism, a move which will boost bilateral trade and enhance the usage of local currencies. On the global front, the U.S. dollar hit a near 38-year high to the yen on Tuesday following a surge in Treasury yields as investors contemplated prospects of a second Donald Trump presidency.
Finally, the rupee ended at 83.48 (Provisional), weaker by 4 paise from its previous close of 83.44 on Monday. The currency touched a high and low of 83.56 and 83.47 respectively.
