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Indian rupee ends higher on Tuesday
Sep-17-2024

Indian rupee ended higher on Tuesday supported by weak American currency. Traders got support as inflation based on wholesale price index (WPI) in India slowed down in the month of August 2024 to 1.31% from 2.04% in July. Mineral oils prices also decreased in the reported month. Besides, Finance Minister Nirmala Sitharaman said that the Union Government has kept the interests of the middle class in mind while formulating tax rates, and is constantly trying to keep it simpler while giving more options to them via the new tax regime. On the global front, the Japanese Yen (JPY) remained stable against the US Dollar on Tuesday, driven by the hawkish sentiment surrounding the Bank of Japan interest rates outlook. Traders awaited the BoJ policy decision on Friday, with expectations of keeping rates unchanged while leaving the possibility open for rate hikes in October and December.

Finally, the rupee ended at 83.78 (Provisional), stronger by 8 paise from its previous close of 83.86 on Monday. The currency touched a high and low of 83.87 and 83.70 respectively.

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