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Indian rupee ends almost flat on Tuesday

15 Oct 2024 Evaluate

Indian rupee ended almost flat on Tuesday supported by weak crude oil prices. Investors overlooked the report that India’s Consumer Price Index (CPI)-based -- retail inflation jumped to a nine-month high of 5.49 per cent in September 2024 from 3.65 per cent in August 2024, with soaring vegetable prices. The CPI was 5.02 per cent in September 2023. The previous high inflation rate was witnessed in December 2023 at 5.69 per cent. The inflation rate in the food basket rose to 9.24 per cent in September compared to 5.66 per cent in August and 6.62 per cent in the year-ago month. On the global front, U.S. dollar was perched near it highest in more than two months against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term.

Finally, the rupee ended at 84.04 (Provisional), appreciated by 1 paisa from its previous close of 84.05 on Monday. The currency touched a high and low of 84.07 and 84.03 respectively.

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