Indian Rupee ended higher against the US dollar on Wednesday supported by foreign capital inflows. Traders got support with Commerce and industry Minister Piyush Goyal’s statement that India has a strong foreign exchange reserve and the country is in a comfortable position to meet all the requirements even in any worst-case scenario in the next five-six years. Besides, Reserve Bank of India Governor Shaktikanta Das’ statement that India's gross domestic product growth could be above 7% for 2022-23. He noted that almost all high-frequency indicators monitored by the central showed that momentum was sustained in the final quarter of the last financial year and it would not be a surprise if India's economy grows at a rate higher than 7%. On the global front, dollar on Wednesday held just shy of a two-month high as U.S. debt ceiling negotiations dragged on, while the pound firmed and then softened after stronger-than-expected British inflation data.
Finally, the rupee ended at 82.70 (Provisional), stronger by 15 paise from its previous close of 82.85 on Tuesday. The currency touched a high and low of 82.84 and 82.64 respectively.