Rupee appreciates against dollar for second consecutive day

Indian rupee ended significantly higher against dollar on Friday, on persistent selling of the American currency by exporters. Sentiments remained upbeat after finance ministry in its latest report stated that India is well placed to grow at a ‘moderately brisk rate’ in the coming years on the back of macroeconomic stability, despite global monetary tightening. It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects. On the global front, dollar hovered near a three-month low on Friday and was headed for a weekly loss, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December preoccupied investors.

Finally, the rupee ended at 81.62 (Provisional), stronger by 8 paise from its previous close of 81.70 on Thursday. The currency touched a high and low of 81.71 and 81.44 respectively.