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Rupee ends higher against US dollar on Friday

06 Sep 2024 Evaluate

Indian rupee ended higher against the US dollar on Friday amid a weak greenback in overseas markets. Traders took a note of Boston Consulting Group (BCG) in association with FICCI and the Indian Banks’ Association (IBA) latest report titled ‘Banking for a Viksit Bharat’ stating that a 20-fold increase in the financial services sector is needed for India’s goal to achieve a $30 trillion Gross Domestic Product (GDP) by 2047. The report estimates that banks will need a capital base of $4 trillion, with one-third of this needing to be fresh capital deployment. On the global front, pound trod water on Friday, ahead of U.S. employment data that could intensify volatility later in the day as investors figure out whether the Federal Reserve will be forced to deliver an outsized rate cut this month or not. 

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 83.97 and 83.91 respectively.

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