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Rupee depreciates against US dollar on Thursday

07 Nov 2024 Evaluate

Indian rupee depreciated against the US dollar on Thursday as weak domestic equities and sustained foreign fund outflows dented market sentiment. Investors were also cautious ahead of the US Fed meeting outcome. Investors were concerned as a SBI report said it sees Q2 real GDP growth slowing down further to 6.5 per cent in the September quarter of this fiscal year. Amid concerns over the country's economic growth rate and if it is slowing down, it expects FY25 growth to come closer to 7 per cent. On the global front, dollar edged lower on Thursday after hitting a four-month high following Republican Donald Trump's win in the U.S. presidential election, while investors awaited the Federal Reserve interest rate decision.  

Finally, the rupee ended at 84.36 (Provisional), depreciated 4 paise from its previous close of 84.32 on Wednesday. The currency touched a high and low of 84.38 and 84.26 respectively.

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