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Rupee ends flat on Wednesday
Sep-11-2024

Indian rupee ended flat on Wednesday amid weak trend in domestic equities. Some concern came with a private report stating that India’s gross domestic product (GDP) growth to soften to 6.7% in FY25, below the Reserve Bank of India’s forecast of 7.2% and downside risks to its FY26 GDP forecast of 7.2% as growth signals are currently mixed. Traders took note of Fitch Ratings’ statement that India remains committed to reducing the budget deficit over the medium term, despite its focus on higher public capex and demands of the coalition government. On the global front, dollar slumped more than 1 per cent against the yen on Wednesday to its weakest level of the year after Kamala Harris put rival Donald Trump on the defensive in the only scheduled debate of the U.S. presidential race.

Finally, the rupee ended at 83.99 (Provisional), weaker by 1 paisa from its previous close of 83.98 on Tuesday. The currency touched a high and low of 83.99 and 83.93 respectively.

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