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Rupee ends higher against dollar on Tuesday
Mar-28-2023

Indian Rupee ended higher against the US dollar on Tuesday tracking a weak American currency in the overseas market. Traders got support with SBI Research in its latest Ecowrap report stating that the Reserve Bank of India (RBI) is expected to pause their interest rate hike and the current 6.5 per cent repo rate could be the terminal rate for now. Meanwhile, markets regulator Sebi has simplified the procedural requirements for onboarding of Foreign Portfolio Investors (FPIs) in a bid to facilitate ease of doing business and to reduce the time taken for their registration. On the global front, U.S. dollar fell slightly on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets. Sterling hovered around a two-month high on Tuesday as the Bank of England (BoE) said Britain was not experiencing stress linked to the demise of Silicon Valley Bank (SVB) and Credit Suisse.

Finally, the rupee ended at 82.16 (Provisional), stronger by 15 paise from its previous close of 82.31 on Monday. The currency touched a high and low of 82.28 and 82.16 respectively.

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