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Rupee ends higher on Wednesday
May-15-2024

Indian rupee settled higher on Wednesday as the American currency retreated from its elevated level. Sentiments were positive as Moody's Ratings said the Indian economy is projected to expand 6.6 per cent in the current fiscal year and said strong credit demand fuelled by robust economic growth will support the NBFC sector's profitability. It added that the Indian economy is estimated to have expanded 8 per cent in the 2023-24 fiscal year. Traders overlooked report that India's merchandise trade deficit expanded to $19.1 billion in April. India's exports rose marginally by 1.06 per cent to $34.99 billion in April 2024, against $34.62 billion during the same period last year. On the global front, dollar dipped to a one-month low versus the euro on Wednesday amid lower treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve policy. 

Finally, the rupee ended at 83.50 (Provisional), up by 1 paisa from its previous close of 83.51 on Tuesday. The currency touched a high and low of 83.51 and 83.47 respectively.

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