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Rupee ends higher against US dollar on Friday

09 Aug 2024 Evaluate

Indian rupee ended higher against the US dollar on Friday supported by gains in the domestic markets. Some support came as the Reserve Bank of India said India's current account deficit (CAD)- excess of imports of goods and services over exports, would be manageable. Besides, Reserve Bank of India (RBI) in its latest survey report has showed that households’ optimism on economic conditions for the year ahead remained in positive terrain, though it came down from the previous survey round. On the global front, the British pound steadied against the dollar on Friday but was set for its fourth consecutive week of declines, as investors weighed the prospect of more interest rate cuts from the Bank of England (BoE) amid concerns about slowing global growth.

Finally, the rupee ended at 83.95 (Provisional), stronger by 2 paise from its previous close of 83.97 on Thursday. The currency touched a high and low of 83.96 and 83.88 respectively.

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