Indian rupee depreciated against the US dollar on Wednesday fuelled by persistent capital withdrawals from foreign investors, alongside heightened greenback demand from bullion importers. Foreign institutional investors (FIIs) offloaded shares worth Rs 1,794.80 crore on Tuesday, as per exchange data. Traders overlooked Commerce Secretary Rajesh Agrawal’s statement that India is actively engaged in trade discussions with the US, and hopes to conclude the talks ‘sooner than later’ in a manner that restores deeper market access for domestic exporters. On the global front, ringgit ended stronger against the US dollar on Wednesday after the latest data showed that consumer confidence in the United States remains weak.
Finally, the rupee ended at 89.75 (Provisional), depreciated by 12 paise from its previous close of 89.63 on Tuesday. The currency touched a high and low of 89.83 and 89.51 respectively.
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