Indian rupee ended lower on Friday in line with a sell-off in domestic equities and a firm greenback in the overseas markets. Traders got anxious with report stated that investments in the Indian capital markets through participatory notes (P-notes) dropped to Rs 87,979 crore as of March-end, with experts believing that foreign investors will continue to adopt a cautious stance. Sentiments remained down-beat as private report stated that UBS has downgraded its GDP growth forecast for India for the current financial year from 7.7 to 7.0 percent, adding that the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) risks failing to meet its inflation mandate. On the global front, euro edged lower on Friday after European Central Bank officials made mixed comments, while expectations of a 50 basis points (bps) rate hike from the Federal Reserve supported the U.S. dollar.
Finally, the rupee ended at 76.42 (Provisional), weaker by 25 paise from its previous close of 76.17 on Thursday. The currency touched a high and low of 76.51 and 76.19 respectively.
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