Indian rupee snapped its two-day downtrend to end higher against the US dollar on Thursday, amid a weak American currency overseas and a rally in domestic equity markets. The inflow of foreign funds and a downward trend in crude oil prices also supported the Indian currency. Traders took support with a report released by the Centre for Economics and Business Research (CEBR) showing that India is set to become the world's third-largest economy by 2032, and will eventually surpass China and the United States to become the world's largest economic superpower by the end of this century. It added India will sustain robust economic growth, averaging 6.5 percent from 2024 to 2028. On the global front, the dollar fell across the board on Thursday with the Japanese yen, euro, and pound all at their strongest against the greenback in five months as bets the Federal Reserve will cut rates sharply in 2024 continued to drive markets.
Finally, the rupee ended at 83.19 (Provisional), stronger by 15 paise from its previous close of 83.34 on Wednesday. The currency touched a high and low of 83.34 and 83.16 respectively.
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