Indian rupee ended lower on Friday weighed down by a negative trend in domestic equities and foreign fund outflows. Traders were concerned after the Reserve Bank of India's monthly bulletin said headline inflation is expected to average well above 6 per cent in the second quarter. It noted headline inflation, after reaching a low of 4.3 per cent in May 2023, rose in June and is expected to surge during July-August led by vegetable prices. Besides, a private report stated that private equity and venture capital funds' investments in the country declined 5 per cent to $3.9 billion across 59 deals in July 2023. On the global front, the pound softened on Friday as gloomy market sentiment sent investors to the safe haven of the U.S. dollar, and British retailers reported a bigger-than-expected drop in sales in July.
Finally, the rupee ended at 83.10 (Provisional), weaker by 1 paisa from its previous close of 83.09 on Thursday. The currency touched a high and low of 83.13 and 83.02 respectively.
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