Indian rupee depreciated against the dollar on Wednesday tracking a strong American currency against major rivals overseas and weak Asian peers. Traders overlooked report that Reserve Bank of India (RBI) said India's current account deficit declined to $10.5 billion or 1.2 per cent of the GDP in October-December quarter of current fiscal from $11.4 billion in the previous three months and $16.8 billion a year back. Meanwhile, Engineering Export Promotion Council (EEPC) of India stated that India's engineering exports to Russia doubled to $1.22 billion till February during the 2023-24 fiscal. It said the shipments to the country stood at $616.68 million in the previous fiscal. On the global front, yen dropped to its lowest level on Wednesday before rebounding slightly after Japan's top monetary officials met to discuss the rapidly weakening currency and suggested they were ready to intervene.
Finally, the rupee ended at 83.33 (Provisional), weaker by 4 paise from its previous close of 83.29 on Tuesday. The currency touched a high and low of 83.45 and 83.29 respectively.
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