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Rupee settles higher against dollar on Friday

15 Jul 2022 Evaluate

Erasing previous session drubbing, Indian rupee ended higher against dollar on Friday, on persistent selling of the American currency by exporters. Traders were getting support after bank credit grew by 13.29 per cent to Rs 123.81 lakh crore and deposits by 9.77 per cent to Rs 169.61 lakh crore in the fortnight ended on July 1. Additional support came with the government data showed India's overall exports, merchandise and services combined, rose to $64.91 billion in June 2022, registering a year-on-year growth of 22.95 per cent. For the April-June 2022 period, the overall exports stood at $189.93 billion, exhibiting a positive growth of 25.16 per cent over the same period last year. On the global front, dollar consolidated near a two-decade high on Friday as traders flirted with the prospect of a 100 basis point rate hike by the Federal Reserve later this month.

Finally, the rupee ended at 79.88 (provisional), stronger by 11 paisa from its previous close of 79.99 on Thursday. The currency touched a high and low of 79.96 and 79.82 respectively.


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