Declining for the third straight session, Indian rupee depreciated against dollar, on account of sustained dollar demand from importers and banks. Traders were worried despite Finance Minister Nirmala Sitharaman’s statement that India's economic growth is likely to be robust at 8.9 percent in the current financial year, reflecting the country's strong resilience and speedy recovery. Sitharaman also expressed confidence that India will continue to achieve a high growth rate in the next financial year as well. On the global front, dollar was headed for its worst week since early February versus major peers on Friday, as some of the heat faded from the currency's breakneck 10% surge.
Finally, the rupee ended at 77.63 (Provisional), weaker by 7 paise from its previous close of 77.56 on Thursday. The currency touched a high and low of 77.63 and 77.49 respectively.
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