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Indian rupee appreciates on Tuesday
Oct-08-2024

Indian rupee appreciated on Tuesday tracking a recovery in the domestic equity markets after six consecutive sessions of free fall. Traders took support with Commerce and Industry Minister Piyush Goyal’s statement that India is poised to attract $100 billion in investments from the United Arab Emirates in the coming years. Separately, he also said it is time for the Indian rupee to appreciate on the back of inflows in debt and equity markets. On the global front, dollar eased from near seven-week highs against major currencies on Tuesday after investors assessed the outlook for U.S. rate cuts, even as the conflict in the Middle East continues to support the currency's safe-haven appeal.

Finally, the rupee ended at 83.97 (Provisional), appreciated by 3 paise from its previous close of 84.00 on Monday. The currency touched a high and low of 83.97 and 83.92 respectively.


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