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Rupee depreciates against US dollar on Friday
Oct-04-2024

Indian rupee depreciated against the US dollar on Friday as volatile geopolitics weighed on the local unit. Investors were worried with report that India’s services sector activity eased in the month of September, as new business, international sales and output all rose at the slowest rates since late-2023. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index fell to 57.7 in September from 60.9 in August. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also eased to 58.3 in September as against 60.7 in August. On the global front, the dollar hovered near high on Friday ahead of crucial jobs data that could dictate the path of U.S. interest rates, while the pound gained some ground after a steep selloff a day earlier.

Finally, the rupee ended at 83.99 (Provisional), depreciated by 3 paise from its previous close of 83.96 on Thursday. The currency touched a high and low of 83.99 and 83.93 respectively.

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