Snapping a three-day losing streak, Indian rupee ended stronger against dollar on Thursday on fresh selling of American currency by banks and exporters. Traders took some support with a private report stating that retail inflation in April will soften with base effect and the inflation print may read a full percentage point lower, after a favourable base effect sharply pulled down Consumer Price Index (CPI) inflation to 5.66 percent in March. However, gains remained capped as some concerns came with a private report that India's economy is likely to post a resilient 6% growth in FY24, easing slightly from 7% in FY23 because of softer global growth and higher interest rates. On the global front, the U.S. dollar held gains on Thursday after strong U.S. banking results firmed up expectations that the Federal Reserve will keep monetary policy tight for a while longer.
Finally, the rupee ended at 82.15 (Provisional), stronger by 10 paise from its previous close of 82.25 on Wednesday. The currency touched a high and low of 82.21 and 82.12 respectively.
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