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Rupee ends lower against dollar on Wednesday

24 Jul 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Wednesday amid pressure in local equities. Traders were cautious as an analyst at Moody's Ratings said India's fiscal deficit glide path set out for 2025-26 is reasonable, but a coalition government at the Centre may pose challenges to pass bigger reforms that the economy needs. Traders overlooked Karun Rishi, president of USA India Chamber of Commerce stating that the future ready budget presented by Union Finance Minister Nirmala Sitharaman aims to realize the vision of Viksit Bharat by raising spending to generate more jobs and spur economic growth. On the global front, Sterling gained on the euro on Wednesday after a survey showed British business activity this month was stronger than in euro zone economies, while it held steady on the dollar and tumbled against a rebounding Japanese yen.

Finally, the rupee ended at 83.71 (Provisional), weaker by 2 paise from its previous close of 83.69 on Tuesday. The currency touched a high and low of 83.72 and 83.68 respectively.

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