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Rupee ends marginally lower on Wednesday
Oct-30-2024

Indian rupee ended marginally lower against the American currency on Wednesday, weighed down by weak domestic markets. Traders remained cautious with credit rating agency, India Ratings and Research’s (Ind-Ra) report stating that a weakness in GDP growth is expected due to higher-than-expected inflation, a weakness in industrial growth, especially manufacturing activities, weak exports and slower growth in net taxes in 1QFY25. Besides, sustained foreign fund outflows further weighed on the rupee. Foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 548.69 crore, according to exchange data. However, easing crude oil prices supported the local currency. On the global front, the U.S. dollar retreated from elevated levels on Wednesday, pausing its recent rally ahead of the release of key macroeconomic data that could alter expectations for future Fed rate cuts.

Finally, the rupee ended at 84.08 (Provisional), weaker by 3 paise from its previous close of 84.05 on Tuesday. The currency touched a high and low of 84.09 and 84.06 respectively.


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