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Rupee ends fairly higher against greenback

04 Feb 2022 Evaluate

Snapping previous sessions drubbing, Indian rupee ended significantly higher against dollar on Friday, on persistent selling of the American currency by exporters. Traders were energized as Managing Director of IMF Kristalina Georgieva stated that the Union budget presented by Finance Minister Nirmala Sitharaman is a very 'thoughtful' policy agenda for India and puts a great deal of emphasis on innovation in research and development on human capital investment and digitalization. Some support also came in as Commerce and Industries Minister Piyush Goyal stated that promoting exports through subsidies has not really given the desired results, but the government's RoDTEP scheme is helping grow exports which is expected to reach a record $400 billion this year. On the global front, euro was on track on Friday for its best week versus the dollar since the COVID-19 pandemic hit, after a hawkish turn by the European Central Bank (ECB) sent shockwaves through markets.

Finally, the rupee ended at 74.69 (Provisional), stronger by 19 paise from its previous close of 74.88 on Thursday. The currency touched a high and low of 74.77 and 74.68 respectively.

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