Rupee settled lower against dollar on Friday tracking higher demand for U.S. dollars from importers and a weak tone among Asian currencies. Investors were worried despite private report stating that the Indian economy is likely to post better than anticipated growth in the second quarter (July-September) owing to robust urban consumption and expansion in services. Meanwhile, PHDCCI's report stated that measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to $2 trillion by 2030. On the global front, dollar slipped on Friday as investors bet U.S. interest rates have peaked, while the yen edged higher after Japan's core consumer price growth picked up, reinforcing views that the Bank of Japan (BOJ) may soon roll back monetary stimulus.
Finally, the rupee ended at 83.37 (Provisional), weaker by 3 paise from its previous close of 83.34 on Thursday. The currency touched a high and low of 83.38 and 83.33 respectively.
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