Reversing previous session drubbing, Indian rupee appreciated significantly against dollar on Thursday after US Federal Reserve hinted that it may begin scaling down asset purchases in November and complete the process by mid-2022. Sentiments were also upbeat as foreign direct investment (FDI) equity inflows into the country grew by 112 per cent in the first four months (April-July) of 2021-22 ($20.42 billion) compared to the year ago period ($9.61 billion). Meanwhile, Commerce and Industry Minister Piyush Goyal stated that India and the UAE have formally launched negotiations for a free trade agreement and the first round of talks will begin from September 23 with an aim to conclude it by end-December, a move aimed at boosting trade and investments between the countries. On the global front; dollar eased slightly from a one-month high on Thursday, after the Federal Reserve set the stage for rate hikes next year but left enough breathing room to slow things down if necessary, while sterling traded firmly ahead of a Bank of England meeting.
Finally, the rupee ended 73.64, stronger by 23 paise from its previous close of 73.87 on Wednesday. The currency touched a high and low of 73.85 and 73.63 respectively.
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