Indian rupee ended lower against the U.S. dollar on Friday amid volatile domestic equity markets and unabated outflow of foreign funds. Traders overlooked Reserve Bank of India’s (RBI) annual report, projected Indian economy to grow at 7 percent in the current financial year with risks evenly balanced. Further, the report said India' GDP has expanded at a robust pace in 2023-24, with real GDP growth accelerating to 7.6 percent from 7 percent in the previous year - the third successive year of 7 percent or above growth. On the global front, the dollar headed on Friday for its first monthly decline this year, ahead of key inflation data, after a downward revision to first-quarter U.S. economic growth suggested the Federal Reserve may still have room to cut interest rates this year.
Finally, the rupee ended at 83.44 (Provisional), weaker by 14 paise from its previous close of 83.30 on Thursday. The currency touched a high and low of 83.49 and 83.23 respectively.
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