Erasing previous sessions gaining momentum; Indian rupee ended considerably lower against dollar on Tuesday as investors were worried about rising global inflation ahead of central bank meetings. Traders were also concerned as Crisil has cut India’s gross domestic product (GDP) growth forecast to 9.5 per cent for the current fiscal (FY22) as compared to 11 percent projected earlier due to the hit to private consumption and investments following the second wave of COVID-19. On the global front; dollar found support on Tuesday as investors prepared for U.S. inflation data due later in the week following weaker-than-expected jobs data, which has eased concerns about early tapering of the Federal Reserve's monetary stimulus.
Finally, the rupee ended 72.89, weaker by 9 paise from its previous close of 72.80 on Monday. The currency touched a high and low of 72.90 and 72.76 respectively.
