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Rupee ends higher against dollar on Tuesday

16 Jul 2024 Evaluate

Indian rupee ended higher against the U.S. dollar on Tuesday amid sustained inflow of foreign capital. Traders got support as commerce ministry in its latest data has showed that India's merchandise export increased by 2.56 per cent to $35.20 billion in June 2024 as compared to $34.32 billion in June last year. Traders took a note of Reserve Bank of India (RBI) data showing that India’s outward foreign direct investment (FDI) commitments rose to $2.14 billion in June 2024, compared to $1.14 billion in June 2023. Sequentially, they declined from $2.22 billion in May 2024. On the global front, pound held steady on Tuesday just shy of a one year high on the dollar hit the previous day, as traders caught their breath ahead of a raft of major political and economic data due later in the week.

Finally, the rupee ended at 83.59 (Provisional), stronger by 2 paise from its previous close of 83.61 on Monday. The currency touched a high and low of 83.60 and 83.56 respectively.

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