Indian rupee ended marginally lower against the dollar on Thursday amid a strong greenback against major rivals overseas and rising crude oil prices. Traders remained cautious with provisional data from the NSE showing that foreign institutional investors (FIIs) net sold shares worth Rs 4,595.06 crore on March 13, 2024. However, a firm trend in domestic equity markets supported the local currency and restricted the fall. Some support also came as global ratings agency Fitch Ratings raised India's FY25 GDP growth forecast to 7 percent from 6.5 percent earlier as it expects the economy to continue its strong expansion. Fitch expects 50 bps rate cut by the Reserve Bank of India from July to December and foresees India's CPI inflation gradually declining to 4 percent by the end of 2024. On the global front, the dollar inched higher on Thursday as investors waited for U.S. economic data later in the day, that could shed light on when the Federal Reserve might start cutting interest rates this year.
Finally, the rupee ended at 82.84 (Provisional), weaker by 3 paise from its previous close of 82.81 on Wednesday. The currency touched a high and low of 82.89 and 82.82 respectively.
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