Rupee snapped a two-day rising streak on Thursday amid strengthening American currency overseas and rising crude oil prices. Traders were worried even after Economic Affairs Secretary Ajay Seth said Indian economy is showing momentum and the growth rate in the second quarter (July-September) is likely to be good. The economy grew at 7.8 per cent in the first quarter (April-June) of the current financial year. On the global front, the dollar edged up from a three-month low on Thursday but was still set to post its steepest monthly decline in a year as investors ramped up bets that the Federal Reserve was done with rate hikes ahead of a crucial inflation report later in the day. The euro dropped after lower-than-forecast French consumer prices data, a day after data showed price growth in Germany and Spain also slowed, suggesting downside risks to the euro area figure released later in the day.
Finally, the rupee ended at 83.38 (Provisional), weaker by 6 paise from its previous close of 83.32 on Wednesday. The currency touched a high and low of 83.41 and 83.29 respectively.
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