Indian rupee ended marginally lower against the U.S. dollar on Thursday, weighed down by a negative trend in domestic equities and the broad strength of the American currency in the overseas markets. Traders remained on sidelines ahead of India’s GDP growth data for the latest July-September 2024 quarter (Q2 FY25) to be released on Friday. The GDP is expected to slow to 6.2-6.9 per cent this quarter due to factors like heavy rains and weak corporate margins. However, losses were limited as traders took support with domestic rating agency India Ratings and Research’s (Ind-Ra) report that the government will be able to register the fiscal deficit at 4.75 per cent in FY25, 0.19 per cent lower than the budget aim, by reigning in expenditure. On the global front, the euro clung to its sharpest rise in four months on Thursday following hawkish remarks from a central bank policymaker, while the yen powered toward its strongest week in three months on growing bets Japan could hike interest rates in December.
Finally, the rupee ended at 84.47 (Provisional), weaker by 7 paise from its previous close of 84.40 on Wednesday. The currency touched a high and low of 84.50 and 84.45 respectively.
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