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Rupee ends lower against dollar on Wednesday

07 Aug 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Wednesday weighed down by a recovery in the US dollar and geopolitical tensions in the Middle East. Traders overlooked Labour Ministry report showing that retail inflation for industrial workers slipped to 3.67 per cent in June from 3.86 per cent in the previous month this year mainly due to lower prices of certain food items. It said year-on-year inflation for the month of June 2024 moderated to 3.67 per cent as compared to 5.57 per cent in June 2023. On the global front, the yen dropped on Wednesday after an influential Bank of Japan official played down the chances of a near-term rate hike, soothing investors' concerns that a further jump in the Japanese currency could again rock global markets.

Finally, the rupee ended at 83.95 (Provisional), weaker by 3 paise from its previous close of 83.92 on Tuesday. The currency touched a high and low of 83.97 and 83.86 respectively.

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