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Rupee ends lower against dollar on Tuesday

02 Jul 2024 Evaluate

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.

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