Indian rupee tumbled against dollar on Wednesday. Traders got worried after India’s exports dipped by 6.58 per cent to $32.91 billion in January due to slowdown in global demand even as the trade deficit touched a 12-month low of $17.75 billion during the month. Imports in January too contracted by 3.63 per cent, the second consecutive month, to $50.66 billion. On the global front, sterling slumped against major peers on Wednesday, breaking a seven-day rally against the euro, after a bigger-than-expected drop in UK inflation in January raised expectations the Bank of England may end its interest rate hiking cycle soon.
Finally, the rupee ended at 82.82 (Provisional), weaker by 4 paise from its previous close of 82.78 on Tuesday. The currency touched a high and low of 82.90 and 82.79 respectively.
