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Rupee ends higher against dollar on Friday

02 Jun 2023 Evaluate

Indian rupee ended higher on Friday, supported by broad dollar weakness and a positive trend in domestic equities. Traders got encouragement with finance ministry’s statement that Goods and Services Tax (GST) collection rose 12 per cent to Rs 1.57 lakh crore in May 2023. Goods and Services Tax collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. On the global front, dollar was heading for its largest weekly fall since mid-January on Friday as the view took hold among investors that the Federal Reserve will forgo an interest rate hike this month, which would diminish the greenback's appeal to non-U.S. buyers.

Finally, the rupee ended at 82.31 (Provisional), stronger by 9 paise from its previous close of 82.40 on Thursday. The currency touched a high and low of 82.38 and 82.27 respectively.

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