Rupee ends marginally lower against dollar on Tuesday

Indian rupee ended marginally weaker against the US dollar on Tuesday tracking a strong American currency against major rivals overseas. Traders remained cautious with the Department for Promotion of Industry and Internal Trade (DPIIT) data showing that foreign direct investment (FDI) into India declined by 22 per cent to $46 billion in 2022-23, dragged by lower inflows in computer hardware and software, and automobile industry. The FDI inflows stood at $58.77 billion during 2021-22. However, downward movement in crude price and inflows of foreign funds capped the fall in the Indian currency. Some support came with a private report stating that India has emerged as a key source country for Foreign Direct Investment (FDI) in Dubai, one of the wealthiest of the seven emirates in the United Arab Emirates. It ranked among the top five source countries for announced FDI projects and estimated FDI capital. On the global front, U.S. dollar fell, after climbing to a two-month high, on Tuesday as relief that the U.S. government had averted a possible default gave way to concern that the deal could face a rocky path through Congress. 

Finally, the rupee ended at 82.69 (Provisional), weaker by 6 paise from its previous close of 82.63 on Monday. The currency touched a high and low of 82.79 and 82.63 respectively.