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Rupee ends lower against dollar on Tuesday

28 May 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Tuesday amid a negative trend in domestic equities and on dollar demand from importer at lower levels. Investors were concerned as domestic rating agency Crisil said the banking system's credit growth will drop by 2 percentage points to 14 per cent in financial year 2024-25. The slowdown will be due to lower GDP growth at 6.8 per cent in FY25, as against 7.6 per cent in FY24, RBI measures like higher risk weights on unsecured loans and a high base. On the global front, the dollar edged down on Tuesday, but remained in tight ranges against peers, ahead of key inflation data from major economies this week that could inform the global interest rate outlook.

Finally, the rupee ended at 83.19 (Provisional), weaker by 5 paise from its previous close of 83.14 on Monday. The currency touched a high and low of 83.19 and 83.10 respectively.

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