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Rupee depreciates against US dollar on Thursday

17 Oct 2024 Evaluate

Indian rupee depreciated against the US dollar on Thursday pressured by foreign fund outflows, a negative trend in domestic equities and broad strength of the American currency. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,435.94 crore on Wednesday, according to exchange data. Some concern also came as report stated that Union Commerce Minister Piyush Goyal has stressed the need to manufacture high-quality products, saying without this approach it is going to be very difficult to make India truly competitive. On the global front, euro drifted lower on Thursday ahead of an expected European Central Bank rate cut, while the dollar hit its highest in 11-weeks on the prospect Trump, whose policies the market considers more bullish, will win the U.S. election.

Finally, the rupee ended at 84.06 (Provisional), depreciated 3 paise from its previous close of 84.03 on Wednesday. The currency touched a high and low of 84.07 and 83.99 respectively.

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