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Indian rupee appreciates against US dollar
Jul-22-2024

Indian rupee appreciated against the US dollar on Monday as US dollar retreated from their elevated levels. Traders got support as a recent report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) said that India is likely to have the highest per-capita income growth in the world at 5.4 per cent per annum during 2024-33, allowing it and other emerging economies to drive global consumption of agricultural and fisheries products in the next decade. On the global front, dollar eased slightly against a basket of currencies on Monday while dropping versus the yen as investors focused on U.S. President Joe Biden's decision to end his re-election campaign and the next moves from the Federal Reserve and the Bank of Japan.

Finally, the rupee ended at 83.67 (Provisional), stronger by 3 paise from its previous close of 83.70 on Friday. The currency touched a high and low of 83.68 and 83.65 respectively.

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