Indian rupee tumbled against dollar on Thursday on the back of muted trend in domestic equities. Sentiments were down-beat after credit rating agency Crisil in its latest report has said that as much as 43% of India’s micro, small and medium enterprises (MSME) universe by value is expected to remain below the pre-pandemic (fiscal 2020) level in terms of earnings before interest, tax, depreciation and amortisation (EBITDA) margin this fiscal (FY23) because of inability to completely pass on the high prices in some commodities as well as an unfavourable exchange rate. On the global front, dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound changed direction and slipped ahead of the government's budget update.
Finally, the rupee ended at 81.63 (Provisional), weaker by 37 paisa from its previous close of 81.26 on Wednesday. The currency touched a high and low of 81.68 and 81.45 respectively.
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