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Rupee ends significantly higher on sustained dollar selling

23 Dec 2021 Evaluate

Indian rupee ended significantly higher against dollar on Thursday, on selling of American currency by banks and exporters and positive trend in domestic equities. Traders cheered studies showing that omicron reduced risk of hospitalization and severe disease with omicron compared to delta. Market participants also took some support with report that the I-T department said income tax refunds of over Rs 1.44 lakh crore have been issued to 1.38 crore taxpayers so far this fiscal. This includes 99.75 lakh refunds of Assessment Year (AY) 2021-22 (fiscal ended March 31, 2021) amounting to Rs 20,451.95 crore. On the global front, dollar languished near an almost one-week low against its major peers on Thursday as investors adopted a more optimistic stance about the global economic outlook, despite the rapid spread of the Omicron coronavirus variant.

Finally, the rupee ended 75.26 (Provisional), stronger by 28 paise from its previous close of 75.54 on Wednesday. The currency touched a high and low of 75.44 and 75.22 respectively.

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