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Rupee ends higher against US dollar on Friday

23 Aug 2024 Evaluate

Indian rupee ended higher against the US dollar on Friday, supported by weak dollar and fund inflows. Traders took some support with finance ministry’s Department of Economic Affairs stating that food inflation in India is expected to fall in the coming months as plentiful monsoon rains have replenished water levels in reservoirs. As per latest data, retail inflation in India came down to 3.5 per cent in July 2024, the lowest since September 2019, primarily because of a moderation in food inflation. On the global front, Sterling hovered near a 13-month high against the dollar on Friday, trading just short of levels seen in April 2022, as traders awaited key speeches from the heads of the Federal Reserve and the Bank of England.

Finally, the rupee ended at 83.90 (Provisional), stronger by 3 paise from its previous close of 83.93 on Thursday. The currency touched a high and low of 83.93 and 83.85 respectively.

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