Rupee settles higher against dollar on Thursday

Indian rupee ended higher against dollar on Thursday, on persistent selling of the American currency by exporters and rally in domestic equities boosted investor sentiments. Sentiments got boost after Revenue Secretary Tarun Bajaj said India's tax collection will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up. Besides, S&P Global Market Intelligence projected India’s real gross domestic product (GDP) growth to average 6.3 per cent annually between financial years 2021 and 2030, enabling it to overtake Japan and Germany to become the world’s third-largest economy in nominal US dollar terms. On the global front, sterling rose on Thursday, staying near a three-month high against a faltering U.S. dollar, despite the prospect of a difficult winter ahead in the UK due to a cost-of-living crisis and soaring interest rates.

Finally, the rupee ended at 81.63 (Provisional), stronger by 30 paisa from its previous close of 81.93 on Wednesday. The currency touched a high and low of 81.77 and 81.60 respectively.