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Indian rupee strengthened marginally against the US dollar on Friday, on the back of selling of the American currency by exporters. Traders took some support with Rating agency Crisil’s report stated that Indian economy is likely to grow by 7.8 per cent in 2022-23, mainly driven by the government’s drive to push infrastructure spending and likely increase in private capital expenditure. However, gains remain capped as some concern came with Kristalina Georgieva, the Managing Director (MD) of the International Monetary Fund (IMF) stating that India has been very good at managing its finances but the surge in global energy prices is going to have a negative impact on its economy. She observed that the war has posed a challenge to economies around the world, including India. On the global front, the dollar hit a new five-year top on the yen on Friday after a strong U.S. inflation report, while the euro struggled to hold its own as a hawkish turn from the European Central Bank was offset by growth risks emanating from the Ukraine crisis.

The partially convertible currency is currently trading at 76.40, stronger by 3 paise from its previous close of 76.43 on Thursday. The currency touched a high and low of 76.48 and 76.27 respectively.