Indian rupee ended marginally higher against dollar on persistent selling of the American currency by exporters. Traders got solace as World Bank retained its FY22 growth forecast for India at 8.3 per cent but upgraded it to 8.7 per cent for FY23, from 7.5 per cent estimated earlier, citing improving growth prospects, especially a reviving private capex cycle. However, upside remain capped as domestic rating agency ICRA in its latest report has said that lockdowns to contain the spread of the third COVID wave hurt loan collections and new lending by non-banks, and will in turn impact securitization volumes. On the global front, dollar steadied above almost two-month lows against its major peers on Wednesday, ahead of data expected to show a fresh surge in U.S inflation that could seal the case for an early rise in interest rates.
Finally, the rupee ended 73.93, stronger by 1 paisa from its previous close of 73.94 on Tuesday. The currency touched a high and low of 74.04 and 73.78 respectively.
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