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Rupee ends higher against dollar on Tuesday

06 Aug 2024 Evaluate

Indian rupee ended higher against the U.S. dollar on Tuesday on suspected intervention by the Reserve Bank. Traders took support with S&P Global Ratings’ statement that India is a well-diversified exporter and a blip in its exports to Bangladesh is unlikely to have any meaningful impact on India's overall trade position for the full year. Bangladesh is facing its worst political crisis since independence in 1971, with Prime Minister Sheikh Hasina resigning amid massive anti-government protests. On the global front, Japanese yen steadied on Tuesday and the Swiss franc was also softer as some of the most striking moves of recent days reversed somewhat, and a hint of calm returned to markets.

Finally, the rupee ended at 83.92 (Provisional), stronger by 17 paise from its previous close of 84.09 on Monday. The currency touched a high and low of 83.97 and 83.84 respectively.


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