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Rupee ends higher against US dollar for second consecutive day

01 Mar 2023 Evaluate

Indian Rupee ended higher against the US dollar on Wednesday as a positive trend in domestic equities and easing crude oil prices supported investor sentiments. Sentiments remained upbeat after Moody's Investors Service has raised India's Gross Domestic Product (GDP) growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. Besides, output of eight core industries increased at a four-month high of 7.8 per cent in January 2023 as against 4 per cent in the same month of previous year, led by a sharp uptick in fertiliser production and double-digit growth in coal mining and electricity generation. On the global front, dollar eased and China's yuan gained on Wednesday after China's manufacturing activity expanded at its fastest pace since April 2012, while the euro rose after regional German price data added to inflation worries.

Finally, the rupee ended at 82.50 (Provisional), stronger by 8 paise from its previous close of 82.58 on Tuesday. The currency touched a high and low of 82.61 and 82.36 respectively.

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