Indian rupee ended lower on Tuesday weighed down by the strengthening of the American currency in the overseas market. Traders overlooked report that Goods and Services Tax (GST) Council in its 54th meeting has made various recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. The GST rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab is reduced from 12% to 5%. On the global front, dollar was steady on Tuesday and the yen inched away from one-month highs in cautious trading as investors braced for U.S. inflation data and reassess expectations of a large interest rate cut from the Federal Reserve next week.
Finally, the rupee ended at 83.98 (Provisional), weaker by 2 paise from its previous close of 83.96 on Monday. The currency touched a high and low of 83.98 and 83.95 respectively.
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