Rupee ends higher against dollar on Wednesday

Indian Rupee ended higher against the US dollar on Wednesday supported by foreign capital inflows. Traders got support with Commerce and industry Minister Piyush Goyal’s statement that India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years. Besides, Reserve Bank of India Governor Shaktikanta Das’ statement that India's gross domestic product growth could be above 7% for 2022-23. He noted that almost all high-frequency indicators monitored by the central showed that momentum was sustained in the final quarter of the last financial year and it would not be a surprise if India's economy grows at a rate higher than 7%. On the global front, dollar on Wednesday held just shy of a two-month high as U.S. debt ceiling negotiations dragged on, while the pound firmed and then softened after stronger-than-expected British inflation data.

Finally, the rupee ended at 82.70 (Provisional), stronger by 15 paise from its previous close of 82.85 on Tuesday. The currency touched a high and low of 82.84 and 82.64 respectively.