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Indian rupee depreciates on Tuesday

24 Sep 2024 Evaluate

Indian rupee depreciated on Tuesday weighed down by a muted trend in domestic equities and rising crude oil prices. Investors failed to take support with report stating that S&P Global Ratings retained India's growth forecast at 6.8 per cent for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review. In the economic outlook of Asia Pacific, S&P Global Ratings also retained its GDP growth forecast for the 2025-26 fiscal at 6.9 per cent and said solid growth in India will allow the Reserve Bank to focus on bringing inflation in line with its target. On the global front, the Japanese yen weakened against other major currencies on Tuesday, after the Bank of Japan's Governor Kazuo Ueda signaled that the central bank is not in a rush to raise interest rates.

Finally, the rupee ended at 83.67 (Provisional), weaker by 12 paise from its previous close of 83.55 on Monday. The currency touched a high and low of 83.67 and 83.54 respectively.

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