Erasing previous session losses; Indian rupee ended substantially stronger on fresh selling of American currency by banks and exporters. Traders took some solace as Ministry of Finance in its latest report has showed that fund raising in FY 2020-21 was better than that in FY 2019-20 for both Public Issues and Rights Issues, despite the uncertainty prevailing in FY 2020-21 owing to COVID-19 pandemic. However, upside remain capped as wholesale price-based inflation shot up to over 8-year high of 7.39 per cent in March on rising crude oil and metal prices. Also, the low base of March last year, when the data was computed with a low response rate due to the nationwide lockdown, contributed to a spike in inflation in March 2021. On the global front, dollar sank to a four-week low against other major currencies on Thursday as Treasury yields pulled back from last month`s surge, with investors increasingly convinced the Federal Reserve will keep interest rates low for some time.
Finally, the rupee ended 74.93, stronger by 12 paise from its previous close of 75.05 on Monday. The currency touched a high and low of 75.33 and 74.93 respectively.