Continuing previous session gains, Indian rupee ended substantially stronger supported by positive domestic equities and broad dollar weakness. The rupee registered the best weekly gain after December 24, amid rebound in risk-sentiments, stable crude oil price and inflows from foreign funds. The rupee strengthen as the dollar weakened after the U.S. Federal Reserve decided to hike interest rates. The U.S. central bank has raised rates by 25 basis points (bps) and mentioned similar hikes in the way forward. Sentiments were also upbeat with Union Commerce and Industry Minister Piyush Goyal statement that the India's merchandise exports have reached $390 billion till March 14 of the current financial year and will certainly cross $400 billion during the year ending March 31, 2022. Traders cheered Minister of State for Commerce and Industry Anupriya Patel’s statement that the bilateral trade in goods is projected to increase from the current $60 billion to $100 billion annually within five years of the implementation of the India-UAE free trade agreement. On the global front, euro gave up some gains on Thursday with investors closely watching any developments in talks between Russia and Ukraine, while the Federal Reserve's monetary policy decisions failed to affect the market as the bar for a hawkish surprise was high.
Finally, the rupee ended at 75.84, stronger by 37 paise from its previous close of 76.21 on Wednesday. The currency touched a high and low of 75.97 and 75.77 respectively.
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