Indian rupee ended higher against the American currency on Friday, due to selling of the US currency by exporters and banks. Traders took support with commerce ministry's provisional data showing that India's exports jumped 45.17 per cent to $33.14 billion in August as against $22.83 billion in the same month last year. Investors also got relief after India's services sector expanded in August at the fastest pace in one-and-a-half years amid strong inflows of new work and improved demand conditions. The seasonally adjusted India Services Business Activity Index rose from 45.4 in July to 56.7 in August, as the reopening of several establishments and increased consumer footfall boosted sales. However, gains remained capped as some concern came with Ratings agency ICRA’s statement that fiscal balances of 19 states in the quarter ended June of current financial year (Q1FY22) are weaker than pre-Covid levels with milder recovery in revenue and spending. On the global front; dollar sank to its lowest in almost a month against major rivals on Friday, ahead of a crucial U.S. jobs report that could spur the Federal Reserve to an earlier tapering of stimulus.
Finally, the rupee ended 73.02, stronger by 4 paise from its previous close of 73.06 on Thursday. The currency touched a high and low of 73.15 and 73.01 respectively.
