Indian rupee ended higher against dollar on Friday on selling of American currency by banks and exporters and positive trend in domestic equities. Traders got support with Additional Secretary in the commerce ministry Rajesh Agrawal’s statement that India’s agriculture exports this fiscal are expected to reach the last year’s level of $53 billion despite restrictions imposed on shipments of certain key commodities, including rice, wheat and sugar. However, gains remain capped due to continuous upward movement in the crude oil price triggered by evolving geopolitical situation and outflow of foreign funds. Provisional data from the National Stock Exchange (NSE) showed that foreign institutional investors (FIIs) net sold shares worth Rs 1,636.19 crore on December 21. On the global front, the dollar inched up on Friday ahead of U.S. inflation data that could shape expectations for how quickly interest rates might fall in 2024.
Finally, the rupee ended at 83.16 (Provisional), stronger by 11 paise from its previous close of 83.27 on Thursday. The currency touched a high and low of 83.27 and 83.11 respectively.
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