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Rupee settles higher against greenback on Tuesday

The rupee ended 73.61, stronger by 13 paise from its previous close of 73.74 on Monday

Indian rupee ended significantly higher on Tuesday on account of weak dollar demand from importers and banks. Sentiment got boost with private report stating that investors have been pouring money into India’s stock market, and it could grow to more than $5 trillion to become the fifth largest in the world within three years. Meanwhile, Reserve Bank of India (RBI) in its latest survey has showed that exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at $148.3 billion. On the global font; sterling held near four-week lows on Tuesday as investors evaluated the direction the Bank of England would take at an upcoming policy meeting.

Finally, the rupee ended 73.61, stronger by 13 paise from its previous close of 73.74 on Monday. The currency touched a high and low of 73.74 and 73.58 respectively.