Indian rupee ended higher for the second consecutive day on Friday, led by continued selling of the US currency by banks and exporters. Traders took some support with rating agency ICRA stating that India’s real GDP growth is likely to have risen to 4.9% YoY in Q4 FY2023 from the provisional 4.4% in Q3 FY2023, with the softening of commodity price pressures. Some support also came as the Retirement fund body, Employees' Provident Fund Organisation’s (EPFO) latest data report showed that India created 1396185 new jobs in the month of February 2023 as against revised figure of 1299220 in January 2023. Downward movement of crude oil prices also supported the local unit. On the global front, the dollar headed for its first weekly gain in nearly two months on Friday as investors raised their bets that the Federal Reserve will increase rates in May, while a surprising recovery in the euro zone economy in April underpinned the euro.
Finally, the rupee ended at 82.08 (Provisional), stronger by 9 paise from its previous close of 82.17 on Thursday. The currency touched a high and low of 82.19 and 82.07 respectively.