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Rupee concludes weaker on dollar demand from importers

29 Nov 2024 Evaluate

Indian rupee ended weaker against dollar on Friday, on account of sustained dollar demand from importers and banks. Sentiments were fragile as government data showed India's Gross Domestic Product (GDP) grew at 5.4% in the quarter ended September 2024 (Q2FY25) as against the growth rate of 8.1% in Q2FY24, signaling the third consecutive quarter of slower growth. The Indian economy had clocked 6.7% growth in the quarter ended June 2024. Some concern also came as exchange data showed Foreign Institutional Investors (FIIs) offloaded Rs 11,756.25 crore in the capital markets on net basis on Thursday. However, positive domestic markets and a correction in crude oil prices cushioned the downside. On the global front, yen jumped more than 1% against the U.S. dollar to a six-week high on Friday after faster-than-expected inflation in Tokyo supported bets for a Bank of Japan interest rate hike next month.  

Finally, the rupee ended at 84.58 (Provisional), weaker by 11 paise from its previous close of 84.47 on Thursday. The currency touched a high and low of 84.58 and 84.48 respectively. 


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