Indian rupee tumbled against dollar on Wednesday, as intense selling pressure in domestic equities and a strong greenback overseas dented the sentiment. Traders were concerned as U.S. Treasury yields hit new highs on expectations that the Federal Reserve will keep raising rates for longer than anticipated. Further, weakness prevailed after India Ratings projected a dip in FY24 growth to 5.9%, lower than Reserve Bank's 6.4%. On the global front, dollar and sterling found support on Wednesday after a surprise rebound in business activity in the United States and the UK raised the likelihood that their respective central banks would have further to go in raising interest rates.
Finally, the rupee ended at 82.89 (Provisional), weaker by 10 paise from its previous close of 82.79 on Tuesday. The currency touched a high and low of 82.89 and 82.79 respectively.
