Indian rupee depreciated against the US dollar on Monday dragged down by fresh foreign fund outflows and a muted trend in domestic equities. Sentiments were downbeat, as SBI forecasted India's GDP growth at 6.3%, lower than RBIs projection of 6.6% for FY25 in its latest report. Some cautiousness also came as industry body CII has suggested the government to stick to the fiscal deficit target of 4.9 per cent of GDP for 2024-25 and 4.5 per cent for 2025-26, cautioning that overly aggressive targets beyond these could adversely affect India's economic growth. On the global front, Sterling rose against the dollar and euro on Monday, as investors were on edge ahead of U.S. inflation data and the European Central Bank's meeting later in the week.
Finally, the rupee ended at 84.84 (Provisional), depreciated by 18 paise from its previous close of 84.66 on Friday. The currency touched a high and low of 84.84 and 84.68 respectively.
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