Rupee ends higher against greenback
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Indian Rupee ended stronger against dollar on Friday due to fresh selling of the American currency by banks and exporters. Traders got some support as Ministry of Commerce and Industry in its latest report has said that India registered the highest ever annual FDI Inflow of $81.97 billion (provisional) in the financial year 2020-21. The Ministry of Commerce and Industry noted that FDI inflow in the last 7 financial years (2014-21) is $440.27 billion, which is nearly 58% of the total FDI inflow in last 21 financial years (2000-21: $763.83 billion). However, upside remain capped amid acceleration of bond-buying programmes by various central banks to fight off inflation and suck excess liquidity out of the system. After the US Fed, the European Central Bank and the Bank of Japan have decided to hasten the asset purchase programmes. Besides, losses in local equity market also hit the rupee sentiment. On the global front, dollar remained under pressure at the end of a week in which major central banks laid out plans to unwind pandemic-era stimulus, with the Bank of England surprising markets with a rate hike.
Finally, the rupee ended 76.06 (Provisional), stronger by 3 paise from its previous close of 76.09 on Thursday. The currency touched a high and low of 76.23 and 76.06 respectively.
