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Rupee depreciates against US dollar on Friday

27 Sep 2024 Evaluate

Indian rupee depreciated against the US dollar on Friday amid subdued domestic equity markets and increased month-end demand for the US currency. Traders were cautious amid a private report stating that India’s urban-rural income gap has increased over the last seven years, as urban incomes have outpaced rural areas for both salaried and self-employed people. Investors overlooked the finance ministry’s report stating that India is set to achieve 6.5-7 per cent GDP growth in the current financial year as indicated by the movements in high-frequency indicators till August. On the global front, Sterling edged lower on Friday, but still hovered close to a two-and-a-half-year peak against the dollar, as increasing risk appetite following China's stimulus plan and monetary policy divergence between the Bank of England and other major central banks provided some support. 

Finally, the rupee ended at 83.69 (Provisional), depreciated by 3 paise from its previous close of 83.66 on Thursday. The currency touched a high and low of 83.71 and 83.62 respectively.


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