Indian rupee ended higher against the American currency on Friday, due to selling of the US currency by exporters and banks. Sentiments were positive as SBI Research’s report stated that the Reserve Bank of India (RBI) should let the rupee rally against the dollar to contain imported inflation coming in mainly from crude prices and help push exports, as the current account risks from rising oil price can be contained at 1.4 per cent of GDP. However, upside remained capped as Centre extended the nationwide Covid-19 containment measures till November 30 as there has been localized spread of the virus in a few states and the disease continues to be a public health challenge in the country. On the global front; sterling recovered some of the previous session's losses against the euro on Friday but was little changed against the dollar, struggling to break above $1.38, as market attention focused on the possibility of a Bank of England rate hike next week.
Finally, the rupee ended 74.88, stronger by 4 paise from its previous close of 74.92 on Thursday. The currency touched a high and low of 74.98 and 74.74 respectively.
