Erasing prevision session losses, Indian Rupee ended fairly higher against US dollar on Thursday, on the back of selling of the American currency by exporters. Besides, gains in domestic equity markets also provided support to the rupee. Sentiments were buoyant with Commerce Secretary BVR Subrahmanyam’s statement that the country's merchandise exports are expected to touch $1 trillion by 2027-28 and the government has laid down a road map, including district as an export hub scheme, to achieve that number. Adding more optimism, Prime Minister Narendra Modi’s stated that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. Noting the recent reforms taken by the government, he said that bringing reforms is a matter of conviction for his government, which is ready to take all risks in the national interest. On the global front, dollar stood just below a four-month peak against major peers on Thursday as currency traders digested data from the previous day showing U.S. inflation may be coming off the boil.
Finally, the rupee ended 74.25, stronger by 19 paise from its previous close of 74.44 on Wednesday. The currency touched a high and low of 74.33 and 74.24 respectively.
