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Rupee ends higher against dollar on Tuesday
Apr-23-2024

Indian rupee ended higher against the U.S. dollar on Tuesday on positive domestic markets and a soft American currency. Traders took support with a survey showing that India's business activity expanded at its fastest pace in nearly 14 years in the month of April thanks to robust demand. It also showed easing input inflation and positive jobs growth. That suggests India is well placed to remain the fastest growing major economy this year after posting strong expansion over the past few quarters. HSBC's flash India Composite purchasing managers' Index INPMCF=ECI, compiled by S&P Global, rose to 62.2 this month from March's final reading of 61.8. The reading has been consistently above the 50-mark separating expansion from contraction since August 2021. On the global front, yen hit fresh multi-year lows against the dollar and the euro on Tuesday, keeping investors on heightened intervention watch ahead of the Bank of Japan's meeting this week, while dovish policy maker chatter left sterling around its softest in months.

Finally, the rupee ended at 83.34 (Provisional), stronger by 2 paise from its previous close of 83.36 on Monday. The currency touched a high and low of 83.39 and 83.28 respectively.

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