Indian rupee ends tad lower against dollar

Indian rupee ended marginally weak against the US dollar on Friday, on increased demand for the greenback from importers and banks. Geopolitical tensions, elevated crude oil prices and hawkish U.S. Fed stance weighed on the local unit. However, downfall remain capped as commerce ministry stating that India’s electronic goods exports surged by 49 percent to $11 billion during April-December 2021 as against $7.4 billion recorded in the corresponding period of last year. In 2020-21, the exports stood at $11.11 billion. Meanwhile, India has initiated an anti-dumping probe against Ursodeoxvcholic Acid, used in the medical field, imported from China and Korea following a complaint by a domestic player. On the global front, dollar consolidated gains on Friday and was on track for its biggest weekly rise in seven months as bets of higher interest rates fuelled the U.S. unit's gains versus rivals.

Finally, the rupee ended 75.10 (Provisional), weaker by 1 paise from its previous close of 75.09 on Thursday. The currency touched a high and low of 75.13 and 74.88 respectively.