Indian rupee ended higher against the dollar on Wednesday buoyed by a weak American currency against major rivals overseas and a rally in domestic equities. Investors got support as Crisil Ratings projected India's GDP growth at 6.8 per cent in the next fiscal and said the country will become an upper middle-income nation by 2031 with the economy doubling to $7 trillion. Crisil said the Indian economy will take support from domestic structural reforms and cyclical levers and can retain -- perhaps even improve -- its growth prospects to become the third largest economy by 2031. Besides, CareEdge Ratings’ report stated that bad loans of banks in India have reached record lows due to recoveries from defaulters and regularisation of payments many-fold. On the global front, U.S. dollar was largely steady on Wednesday, as traders avoided making large bets ahead of congressional testimony from Federal Reserve Chair Jerome Powell, as well as the European Central Bank rate decision and U.S. jobs data later this week.
Finally, the rupee ended at 82.85 (Provisional), stronger by 5 paise from its previous close of 82.90 on Tuesday. The currency touched a high and low of 82.91 and 82.82 respectively.
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