Indian rupee settles stronger against dollar

Indian rupee ended significantly stronger against dollar on Thursday amid favorable US Fed meet outcome. Federal Reserve kept its accommodative monetary policies and signaled that economic recovery was on track. Investors also remained energized as Chief Economic Adviser (CEA) K V Subramanian stated that India is expected to hit a growth rate of 6.5-7 percent in 2022-23 and accelerate further to 8 percent in the subsequent years on the back of reforms undertaken by the government. Adding more support, SEBI Chairman Ajay Tyagi asserted that a large part of the non-banking financial intermediation is happening through the capital markets. Going forward, the capital markets are going to play a bigger role in funding the economic growth. Besides, healthy gains in domestic equity markets also supported rupee. On the global front, dollar slipped to a one-month low on Thursday after the U.S. Fed's reassurance that interest rate hikes remain distant.

Finally, the rupee ended 74.29, stronger by 9 paise from its previous close of 74.38 on Wednesday. The currency touched a high and low of 74.34 and 74.22 respectively.