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Rupee ends higher against US dollar on Friday

13 Sep 2024 Evaluate

Indian rupee ended higher against the US dollar on Friday supported by weakening of the American currency in the overseas market and significant foreign fund inflows. Traders overlooked report that retail inflation based on the Consumer Price Index (CPI) inched up to 3.65 per cent in August 2024, though vegetables and pulses witnessed price rise in double digits. However, the retail inflation remained below the Reserve Bank of India’s (RBI) median target of 4 per cent for the second month in a row. It was at a five-year low of 3.6 per cent in July. On the global front, dollar tumbled to its lowest point this year against the yen on Friday, with gold soaring to a record high. This occurred following an overnight surge in investor expectations for a significant Federal Reserve interest rate cut next week. 

Finally, the rupee ended at 83.92 (Provisional), stronger by 4 paise from its previous close of 83.96 on Thursday. The currency touched a high and low of 83.98 and 83.85 respectively.

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