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Rupee ends marginally higher on Thursday

26 Aug 2021 Evaluate

Indian rupee ended marginally higher against dollar on Thursday, on persistent selling of the American currency by exporters. Traders took some support with private report stating that the Indian economic growth likely to touch record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending. The rebound came despite the drag from the deadly second wave of the coronavirus, which forced states across India to reimpose localised lockdowns and stop mobility completely from late April to early June. However, gains remain capped as India recorded a massive spike of 46,307 new Covid-19 cases in the past 24 hours out of which, over 31,000 were from Kerala. The country also witnessed 608 deaths, taking the death toll to 436,396. So far, India has recorded 32,557,677 corona cases in total. On the global front, dollar rose from one-week lows on Thursday, supported by U.S. Treasury yields holding above 1.34% in a quiet market where the focus was firmly trained on what signals the Federal Reserve might send at its annual Jackson Hole conference.

Finally, the rupee ended 74.22, stronger by 2 paise from its previous close of 74.24 on Wednesday. The currency touched a high and low of 74.27 and 74.11 respectively.

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