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Rupee ends higher for second straight session against dollar on Thursday

14 Oct 2021 Evaluate

Continuing previous session gains, Indian rupee ended higher against dollar for second straight session on Thursday, on persistent selling of the American currency by exporters. Traders got support as India’s inflation based on wholesale price index (WPI) eased to 10.66% in the month of September as against 11.39% in August. Adding more optimism, World Bank president David Malpass’ statement that the Indian economy was hit hard by the COVID-19 pandemic is now in recovery mode. He also said that India, which faces huge challenges of integrating more people into the formal sector economy and raising the earnings of the people, has made some progress but that's not enough. Also, healthy gains in domestic equity markets supported rupee. On the global front; dollar edged down against major peers on Thursday, reaching its lowest level in 10 days in a pullback from its recent rally.

Finally, the rupee ended 75.26, stronger by 11 paise from its previous close of 75.37 on Wednesday. The currency touched a high and low of 75.37 and 75.20 respectively.

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