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Rupee depreciates against dollar on Friday
Apr-12-2024

Indian rupee ended lower against the U.S. dollar on Friday weighed down by a massive sell-off in domestic equities and a strong greenback against major crosses overseas. Traders were cautious with a private report that India's consumer price inflation likely eased to a five-month low of 4.91% in March but was still above the Reserve Bank of India's (RBI) 4% medium-term target as food price rises persist. Traders paid no heed towards report that the Asian Development Bank (ADB) raised India's GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand. On the global front, euro dropped to its lowest level since mid-November on Friday after the European Central Bank signalled it could cut rates as soon as June even with a hot U.S. economy likely forcing the Federal Reserve to wait until later in the year. 

Finally, the rupee ended at 83.48 (Provisional), weaker by 17 paise from its previous close of 83.31 on Wednesday. The currency touched a high and low of 83.48 and 83.36 respectively.

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