Indian rupee ended higher against the US dollar on Friday supported by a firm trend in domestic equities and the weakness of the American currency in the overseas market. Traders got support as Moody's raised India's growth projection for 2024 and 2025. Moody's now expects India's economy to expand 7.2 per cent in 2024 from 6.8 per cent previously, while growth for 2025 is pegged at 6.6 per cent versus 6.4 per cent. Besides, Fitch affirmed India's long-term foreign currency issuer rating at 'BBB-' with a stable outlook, citing a strong medium-term growth outlook. On the global front, dollar held steady near a one-week high against major peers on Friday after robust economic data caused investors to pare bets on aggressive Federal Reserve interest rate cuts.
Finally, the rupee ended at 83.84 (Provisional), stronger by 5 paise from its previous close of 83.89 on Thursday. The currency touched a high and low of 83.88 and 83.82 respectively.
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