Indian rupee shed most of its early gain but still managed to end marginally higher against the American currency on Thursday, due to selling of the US currency by exporters and banks. Traders took some support as the revival of the Indian economy from the impasse of global pandemic gains momentum with the nationwide rapid COVID vaccination drive. However, upside remained capped as India, the world's third-largest energy consumer and importer, warned of high oil prices hurting the nascent and fragile global economic recovery. Besides, losses in the local equity markets also dampened sentiments. On the global front; sterling dipped below one-month highs on Thursday, tracking a similar move in risk-oriented currencies that lost some momentum against the dollar after a rally fuelled by rising prices for commodities.
Finally, the rupee ended 74.87, stronger by 1 paise from its previous close of 74.88 on Wednesday. The currency touched a high and low of 74.89 and 74.69 respectively.
