Indian Rupee ended higher against the US dollar on Wednesday amid foreign fund inflows. Traders got support as the World Bank said India would remain the fastest-growing economy in terms of both aggregate and per capita gross domestic product (GDP) among the largest emerging market and developing economies in FY24. Besides, a private report stated that the Reserve Bank of India is expected to pause for a second straight month as inflation eases and market watchers are looking for cues of a shift in policy stance to support growth in Asia’s third largest economy. On the global front, dollar dipped on Wednesday as chances faded for a rate hike next week by the Federal Reserve, while the Canadian dollar touched one-month highs as traders amped up bets for the country to raise rates and the Turkish lira hit record lows.
Finally, the rupee ended at 82.55 (Provisional), stronger by 5 paise from its previous close of 82.60 on Tuesday. The currency touched a high and low of 82.57 and 82.46 respectively.