Rupee ends significantly higher against greenback

Indian rupee ended significantly higher against dollar on Thursday, on persistent selling of the American currency by exporters. Sentiments got a boost as rating agency Icra retained its India’s previous growth forecast of 7.2 per cent for the current fiscal, citing revival in contact-intensive services and a pick-up in government and private expenditure. It said growth is expected to pick up to pre-Covid levels on the back of pent-up demand. Traders overlooked private report that India’s current account deficit (CAD) is expected to more than double sequentially to over $30 billion in the first quarter of financial year 2022-23 (Q1FY23) to rise above 3 per cent of gross domestic product (GDP) from $13.4 billion, or 1.5 per cent of GDP, in the previous quarter. On the global front, Sterling fell on Thursday after British Prime Minister Liz Truss defended economic plans that have triggered chaos in the country's markets.

Finally, the rupee ended at 81.73 (Provisional), stronger by 20 paisa from its previous close of 81.93 on Wednesday. The currency touched a high and low of 81.94 and 81.58 respectively.