Indian rupee ended higher against the US dollar on Friday as robust domestic equity markets and retreating crude oil prices boosted investors' sentiment. Investors took support as a report by S&P Global noted that India is set to become the third largest economy and transition to the upper-middle-income category by 2030-31, driven by a projected annual growth rate of 6.7 per cent this fiscal. India posted GDP growth of 8.2 per cent in FY2024, exceeding the government’s earlier estimate of 7.3 per cent, sustained reforms are crucial for India’s economic momentum to continue. On the global front, yen weakened on Friday after the Bank of Japan signaled it was in no rush to raise interest rates again, maintaining them at 0.25% as expected. This development led the dollar to rise 1.2% to 144.32 yen, reaching its highest level in over two weeks.
Finally, the rupee ended at 83.55 (Provisional), stronger by 10 paise from its previous close of 83.65 on Thursday. The currency touched a high and low of 83.63 and 83.48 respectively.
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