Erasing prevision session losses, Indian Rupee ended fairly higher against US dollar on Wednesday, on the back of selling of the American currency by exporters. Besides, gains in domestic equity markets also provided support to the rupee. Sentiments were buoyant as commerce ministry is planning to launch Brand India Campaign to give momentum to exports of both services and products in new markets, as the country’s outbound shipments all set to cross $400 billion this fiscal year. This campaign would serve as an ‘umbrella campaign’ for promoting goods and services exported by India. Traders took some support with Apparel Export Promotion Council (AEPC) Chairman A Sakthivel stating that strong demand and healthy order books will further help in boosting the country's exports in the coming months. On the global front, dollar held below two-week highs on Wednesday as traders awaited the release of minutes from the Federal Reserve's December meeting, with growing expectations of a rate hike as early as March keeping the yen pinned near a five-year low.
Finally, the rupee ended 74.38 (Provisional), stronger by 20 paise from its previous close of 74.58 on Tuesday. The currency touched a high and low of 74.55 and 74.30 respectively.
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