Indian rupee ended with massive cut against the US dollar on Tuesday as the ruling BJP is unlikely to muster an absolute majority in the Lok Sabha elections. Sentiments remained down-beat as S&P Global Market Intelligence asserts that weak private consumption in India remains the largest concern, with rural demand in particular still straggling to catch up, at a time when the country's overall growth remains strong. Besides, a massive sell-off in domestic equities and a strong greenback against major currencies overseas added to the gloom. On the global front, dollar ticked up on Tuesday after falling to its lowest against the euro, sterling and Swiss franc since mid-March overnight as signs of a softening U.S. economy boosted the case for earlier Federal Reserve interest rate cuts.
Finally, the rupee ended at 83.51 (Provisional), weaker by 37 paise from its previous close of 83.14 on Monday. The currency touched a high and low of 83.65 and 83.23 respectively.
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