Indian rupee appreciated against the U.S. dollar on Thursday with the support from soft American currency and easing crude oil prices. Sentiments were upbeat as India’s retail inflation, based on the Consumer Price Index (CPI), for January stood at 4.31 per cent, dropping significantly from 5.22 per cent in December. Traders overlooked the government data showing India’s industrial production growth, measured by the Index of Industrial Production (IIP) eased to 3.2% in December, down from a 6-month high of 5.2% in the previous month. On the global front, British pound strengthened against other major currencies on Thursday, after the U.K. economy expanded unexpectedly in the fourth quarter, underpinned by services and construction output.
Finally, the rupee ended at 86.93 (Provisional), appreciated by 2 paise from its previous close of 86.95 on Wednesday. The currency touched a high and low of 86.94 and 86.77 respectively.
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