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Rupee appreciates on Tuesday amid selling of American currency
Mar-11-2025

Indian rupee appreciated against the US dollar on Tuesday as the American currency index fell to its four-month low level and crude oil prices also stayed subdued. Traders took some support with report that the government has sought Parliament nod to spend a net additional Rs 51,462.86 crore in the current financial year ending March (FY25), with a large chunk going towards pension and subsidy fertiliser. Meanwhile, in an era of digitalization, the Reserve Bank of India (RBI) governor Sanjay Malhotra has listed benefits and efforts taken by the Reserve Bank to boost digital payments across the country, saying that ‘We will continue to encourage innovation in payments, as also generally, while being mindful of risks and taking appropriate measures to mitigate them. We will promote innovation to facilitate payment systems that are fast, safe, secure, accessible and resilient.' On the global front, euro strengthened against other major currencies on Tuesday, as the European Union (EU) looks into methods to increase defense spending through joint borrowing, EU funding, and an increased role for the European Investment Bank (EIB), with a view to take important decisions by June. 

Finally, the rupee ended at 87.22 (Provisional), appreciated by 09 paise from its previous close of 87.31 on Monday. The currency touched a high and low of 87.39 and 87.17 respectively.

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