Indian rupee ended higher on Friday amid rally in domestic equity markets and losses in crude oil prices. Investors got support as Moody's Investors Service said India's fast-growing gross domestic product (GDP) is going to be a key driver in bringing down the debt burden and debt affordability is going to be the key determinant of the country's credit profile and fiscal strength. Traders paid no heed towards the government’s data showing that India's merchandise trade deficit rose to its highest level since December 2022 to $22.12 billion in May. India's exports in the month of May declined 10.3 per cent to $34.98 billion while imports fell 6.6 per cent to $57.1 billion. On the global front, the pound was set for its biggest weekly rise in six months on Friday after days of economic data and central bank rate decisions, and ahead of the Bank of England's monetary policy meeting next week.
Finally, the rupee ended at 81.94 (Provisional), stronger by 31 paise from its previous close of 82.25 on Thursday. The currency touched a high and low of 82.02 and 81.86 respectively.
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