Rupee ends higher against dollar on Friday

Indian rupee ended higher on Friday, supported by foreign capital inflows and a positive trend in domestic equities. Traders got encouragement with report that India’s services exports are expected to overtake merchandise exports in the next five years on the back of above-par growth in emerging areas of service economy. Besides, India Meteorological Department (IMD) said that India is likely to receive normal monsoon rains in 2023 despite the likely emergence of the EI Nino weather phenomenon. On the global front, dollar eased on Friday but stayed on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited resolution of last-ditch talks on the U.S. debt ceiling.

Finally, the rupee ended at 82.58 (Provisional), stronger by 14 paise from its previous close of 82.72 on Thursday. The currency touched a high and low of 82.73 and 82.56 respectively.