Rupee ends higher against dollar on Wednesday

Indian rupee ended higher against dollar on Wednesday as banks and exporters continued to sell the US currency amid persistent capital inflows. Traders got encouragement as India's exports rose by 45.76 per cent to $33.28 billion in August, as against $22.83 billion in the same month last year, according to commerce ministry data released. Additional support came in with private report that India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce. Meanwhile, Union Minister for Road Transport and Highways stated that the bilateral trade between India and the US has grown from $16 billion to $149 billion in the last two decades. He said, the trade is projected to reach $500 billion by 2025. On the global front; sterling edged up on Wednesday but was off the multiple-week high touched the previous day, after data showed British inflation hit a more than nine-year high last month, fuelling expectations the Bank of England could act sooner to hike rates.

Finally, the rupee ended 73.50, stronger by 18 paise from its previous close of 73.68 on Tuesday. The currency touched a high and low of 73.74 and 73.50 respectively.