Tumbling for fifth straight session, Rupee ended substantially weaker against dollar on Thursday. Traders were worried as India's external debt rose modestly by 2.1 per cent year-on-year to USD 570 billion as of March-end 2021, notwithstanding the COVID-19 pandemic. External debt to GDP ratio rose marginally to 21.1 per cent from 20.6 per cent as at end-March 2020. However, downfall remain capped with Commerce and Industry Minister Piyush Goyal's statement that India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America. Meanwhile, government has again extended the existing foreign trade policy (FTP) for another six months till March 31 next year. On the global front; sterling steadied near a nine-month low on Thursday amid concerns about British economic growth with inflation expected to jump as the country grapples with a fuel crisis.
Finally, the rupee ended 74.23, weaker by 9 paise from its previous close of 74.14 on Wednesday. The currency touched a high and low of 74.36 and 74.18 respectively.
