Rising for the second consecutive day, Indian rupee ended higher against dollar as the US Fed Chairman Powell pushed back against a steeper 75 basis points rate hike in the coming months. Additionally, foreign fund inflows into the local assets through the LIC IPO aided sentiments. Traders also took support as activity in India's dominant services sector grew at its fastest pace in five months in April on strong demand, prompting firms to add jobs for the first time since November, a private survey showed, but sky-rocketing inflation remained a major concern. The S&P Global India Services Purchasing Managers' Index rose to 57.9 in April from 53.6 in March. In another positive development, India’s services exports set a new record of $254.4 billion (about Rs 19 lakh crore) in 2021-2022. It said the exports also hit an all-time monthly high of $26.9 billion in March. On the global front, euro pulled back from a one-week high against the U.S. dollar on Thursday after German industrial orders fell more than expected in March, signaling Europe was facing growing headwinds from the war in Ukraine.
Finally, the rupee ended at 76.33 (Provisional), stronger by 7 paise from its previous close of 76.40 on Wednesday. The currency touched a high and low of 76.33 and 75.99 respectively.
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