Rupee ended significantly higher against greenback

29 Apr 2021 Evaluate

Indian rupee ended significantly higher against dollar on Thursday, on persistent selling of the American currency by exporters. This was the fourth consecutive session when the rupee was traded higher against dollar. Investors’ ignored ICRA’s report said that the ongoing second wave of COVID-19 will dampen the pace of recovery for corporate India and the contact-intensive sectors will be hit the most. However, the impact of the second wave on many sectors is set to be lower than the first because the lockdowns are less widespread and stringent as of now as against the strong nationwide lockdown last year which brought all economic activities to a grinding halt. Meanwhile, RBI announced the launch of the latest round of households' surveys to capture inflation expectations and consumer confidence, which provides useful inputs for its monetary policy. On the global front; pound rose on Thursday, having been boosted overnight after the Fed's dovish outlook prompted a weaker dollar.

Finally, the rupee ended 74.07, stronger by 29 paise from its previous close of 74.36 on Wednesday. The currency touched a high and low of 74.23 and 73.94 respectively.

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