Indian rupee ended stronger against dollar due to fresh selling of the American currency by banks and exporters. The rupee also derived its strength from strong gains in the local equity markets. Sentiments got boost with the Confederation of Indian Industry’s (CII) President TV Narendran stating that the country’s economy is likely to grow 7.5-8 per cent this fiscal year (FY23) with exports playing a key role in the country’s success story. Some optimism also came with report that India and the EU will return to the negotiating table to start serious talks for a free trade agreement (FTA) in June after a gap of nine years. On the global front, dollar soared to a two-year high on Tuesday and the euro hit its weakest since March 2020 amid concerns about the economic impact of China's COVID-19 lockdowns.
Finally, the rupee ended at 76.56 (Provisional), stronger by 8 paise from its previous close of 76.64 on Monday. The currency touched a high and low of 76.69 and 76.43 respectively.
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