Rupee ends higher against dollar on Friday

Indian rupee settled higher against dollar on last trading day of week supported by a rebound in domestic equities and easing crude oil prices. Some support came with the economic think tank, the Global Trade Research Initiative’s (GTRI) statement that customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government. Besides, Jeremy Zook, Director and Primary Sovereign analyst for India, Fitch Ratings, stated that the government's continued emphasis on ramping up capex spending should provide a fillip to both near- and medium-term growth. He believed India is well-placed to sustain higher rates of growth in the medium-term than many of its peers, with the capex drive helping to underpin this view. On the global front, dollar rose slightly on Friday, sustaining some momentum after jumping in the previous session following a raft of central bank decisions in Europe.

Finally, the rupee ended at 81.86 (Provisional), stronger by 34 paise from its previous close of 82.20 on Thursday. The currency touched a high and low of 82.31 and 81.76 respectively.