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Rupee settles higher against dollar on Thursday

27 Oct 2022 Evaluate

Indian rupee ended higher against dollar on Thursday, on persistent selling of the American currency by exporters. Sentiments were upbeat as S&P Global Market Intelligence said Asia-Pacific region, which produces 35 per cent of the world GDP, is expected to dominate global economic growth in 2023, supported by regional free-trade agreements, efficient supply chains, and competitive costs. It also said Southeast Asia and India will benefit from trade diversification away from mainland China. Besides, describing India as an economic superpower, Britain said that it was working towards the best Free Trade Agreement (FTA) that is beneficial to both the countries. On the global front, Sterling fell on Thursday against a strengthening U.S. dollar and steadied against the euro ahead of an expected 75 basis point interest rate hike from the European Central Bank.

Finally, the rupee ended at 82.47 (Provisional), stronger by 34 paisa from its previous close of 82.81 on Tuesday. The currency touched a high and low of 82.52 and 82.14 respectively.

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