HOME > MARKETS > DEBT MARKET
  DEBT MARKET
MONEY MARKETS
Rupee settles higher on Wednesday
Dec-06-2023

Indian Rupee ended higher against the US dollar on Wednesday helped by a bullish trend in domestic equities and sustained foreign fund inflows. Some support came in with report that banks have written off Rs 10.57 lakh crore during the last five financial years, of which Rs 5.52 lakh crore was in respect of loans pertaining to large industries. The scheduled commercial banks have also recovered Rs 7.15 lakh crore of non-performing assets (NPAs) during the five-year period. Investors overlooked report that India's gross foreign direct investment (FDI) inflows dropped almost 16% in the first six months of FY24 from a year before to $33.12 billion, the second straight fall in the first half of a fiscal. The minister of state for finance Pankaj Chaudhary said the inflow have been impacted by the threat of global recession, economic crisis due to the Russia-Ukraine conflict, global protectionist measures and decline of real GDP growth rates of Singapore, USA and UK which are the major source countries for FDI. On the global front, the dollar held near a two-week high on Wednesday, while the euro was weak across the board as markets ramped up bets that the European Central Bank will cut interest rates as early as March.

Finally, the rupee ended at 83.32 (Provisional), stronger by 5 paise from its previous close of 83.37 on Tuesday. The currency touched a high and low of 83.37 and 83.29 respectively.

  RELATED NEWS >>