Erasing previous session drubbing, Indian rupee ended higher against dollar on Wednesday, on persistent selling of the American currency by exporters. Traders were getting support with Federal Reserve Chair Jerome Powell's statement that the US central bank will not raise interest rates too quickly. Additional support also came in with report stating that Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP. However, upside remain capped as Moody's Investors Service slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter. On the global front, sterling hit a 2-1/2 month high against the euro on Wednesday and gained for a third straight session against the dollar, continuing a recovery after it fell in the wake of last week's Federal Reserve meeting.
Finally, the rupee ended 74.27, stronger by 10 paise from its previous close of 74.37 on Tuesday. The currency touched a high and low of 74.39 and 74.07 respectively.