Erasing previous session losses, Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Traders’ mood was upbeat as International Monetary Fund said that India, which has received a record number of foreign direct investment during the last few years despite COVID-19 crisis, has quite a few safeguards in place to mitigate the risks from capital flows. Adding optimism, Union Minister of State for Commerce Anupriya Singh Patel said India’s export of agricultural products have touched $40.87 billion in the first 10 months of the current fiscal and it is 25.14 percent more than the financial year. Investors shrugged off reports stating that India Ratings and Research (Ind-Ra) lowered India’s Gross Domestic Product (GDP) growth forecast to 7-7.2 per cent for FY23, from 7.6 per cent projected earlier, citing the rising uncertainty over Russia-Ukraine war and the resultant dampening of consumer sentiment. On the global front, euro edged higher on Thursday extending a run of gains on hopes for progress in Ukraine peace talks, while investors focused on the European Central Bank's potential monetary tightening after strong inflation data.
Finally, the rupee ended at 75.76 (Provisional), stronger by 14 paise from its previous close of 75.90 on Wednesday. The currency touched a high and low of 75.83 and 75.66 respectively.
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