Indian rupee ended considerably stronger against dollar on Wednesday due to fresh selling of the American currency by banks and exporters. Sentiments were upbeat as RBI’s article stated that the economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions. Traders were also energized with Federation of Indian Export Organisations (FIEO) President A Sakthivel’s statement that the announcement of Remission of Duties and Taxes on Exported Products (RoDTEP) rates will help in easing liquidity and enhance the competitiveness of domestic exporters over a long-time horizon. On the global front; sterling hovered near a 3-1/2-week low on Wednesday after UK inflation data showed a sharper slowdown than expected.
Finally, the rupee ended 74.24, stronger by 10 paise from its previous close of 74.35 on Tuesday. The currency touched a high and low of 74.31 and 74.24 respectively.
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