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Rupee depreciates against US dollar on Thursday

21 Nov 2024 Evaluate

Indian rupee depreciated against the US dollar on Thursday dragged down by sell-off in domestic equity markets. Investors were worried as domestic rating agency Icra said India's real GDP growth for the September quarter is likely to decline to 6.5 per cent due to heavy rains and weaker corporate performance. Some concern also came with Economic Affairs Secretary Ajay Seth’s statement that India’s economic growth may have slowed in the September quarter, but overall, there is not much downside risk to 6.5-7 per cent growth in the current fiscal year. On the global front, ringgit rose against the US dollar on Thursday despite heightened concern over geopolitical development in Ukraine.

Finally, the rupee ended at 84.50 (Provisional), depreciated 8 paise from its previous close of 84.42 on Tuesday. The currency touched a high and low of 84.52 and 84.41 respectively.

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