Rupee concludes higher against greenback
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Indian rupee ended higher against dollar on Tuesday as banks and exporters continued to sell the US currency amid persistent capital inflows. Sentiments were upbeat as the merchandise exports grew for the eleventh consecutive month to $35.65 billion, up 43 per cent on-year in October, as external demand continued to remain robust. In another positive development, RBI in its article on the state of the economy has stated that the Indian economy is on the path of a durable recovery on the back of conducive monetary and credit conditions, the global headwinds notwithstanding.
Meanwhile, RBI remained net buyer of the US currency in September 2021, after it purchased USD 791 million on the net basis from the spot market. On the global front, pound rose on Tuesday as data showed British employers hired more people in October after the government's job-protecting furlough scheme ended, easing some of the Bank of England concerns about the risks of raising interest rates.
Finally, the rupee ended 74.37 (provisional), stronger by 9 paise from its previous close of 74.46 on Monday. The currency touched a high and low of 74.53 and 74.28 respectively.
