Indian rupee depreciated against the U.S. dollar on Thursday dragged down by negative domestic equity markets and outflow of foreign funds. Traders paid no heed towards reports that India’s retail inflation based on Consumer Price Index (CPI) slowed down from a 14-month high of 6.21 percent in October 2024 to 5.48 percent in November 2024, as food prices cooled off. All India Consumer Food Price Index (CFPI) or food inflation for the month of November 2024 stood at 9.04 percent. Besides, India’s factory output growth measured in terms of the Index of Industrial Production (IIP) rose 3.5 percent in October 2024, up from 3.1 percent the previous month. On the global front, British pound was steady against the euro and the dollar on Thursday, with currency investors sitting tight before key central bank decisions.
Finally, the rupee ended at 84.89 (Provisional), depreciated by 6 paise from its previous close of 84.83 on Wednesday. The currency touched a high and low of 84.89 and 84.84 respectively.
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