Indian rupee ended significantly stronger against dollar on Friday due to fresh selling of the American currency by banks and exporters. Weakness in the greenback overseas also supported the rupee. Sentiments were upbeat as Reserve Bank of India (RBI) has been working on a phased implementation strategy for a central bank digital currency (CBDC) and the pilot may be launched by the end of this year. The Reserve Bank of India may launch its first digital currency trial programs by December. Adding more optimism, private report stated that India and Australia are looking at announcing an early harvest trade deal by December. An early harvest agreement will be the way forward for an early conclusion of a bilateral Comprehensive Economic Cooperation Agreement (CECA) between both countries. Till now, there have been three rounds of talks between the chief trade negotiators of both nations. On the global front; dollar steadied on Friday as investors awaited a highly anticipated speech by Federal Reserve Chair Jerome Powell.
Finally, the rupee ended 73.69, stronger by 53 paise from its previous close of 74.22 on Thursday. The currency touched a high and low of 74.20 and 73.69 respectively.
