Continuing previous session downfall; Indian rupee ended considerably lower against dollar on Thursday on emergence of demand for the greenback from importers. Sentiments were dented as Fitch Ratings has cut its growth forecast for India to 7 percent for the current financial year (FY23) from the previous estimate of 7.8 percent. It also slashed gross domestic product (GDP) growth forecast for the next fiscal year (FY24) to 6.7 percent from the earlier estimate of 7.4 percent. Traders were also worried as India's merchandise trade deficit in August widened to $27.98 billion from $11.71 billion a year earlier. Besides, losses in local equity market also hit the rupee sentiment. On the global front, Sterling was little changed against greenback as investors fret about the economic outlook and continue to favour the U.S. currency.
Finally, the rupee ended at 79.79 (Provisional), weaker by 27 paisa from its previous close of 79.52 on Wednesday. The currency touched a high and low of 79.80 and 79.44 respectively.
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