Indian rupee concluded weaker against dollar on account of continued dollar demand from importers and banks. Besides, losses in local equity market also hit the rupee sentiment. Traders were worried as Moody’s cut India’s gross domestic product (GDP) forecast for FY22 to 9.3 per cent from the earlier projection of 13.7 per cent and has ruled out a sovereign rating upgrade - at least for now. Adding more pessimism, domestic rating agency Care Ratings revised its GDP growth forecast for the current fiscal to 9.2 per cent from 10.2 per cent it had estimated earlier. This is the fourth revision by the rating agency in its GDP growth forecast for FY2021-22 since March this year. On March 24 this year, it had projected GDP growth for FY22 at 11-11.2 per cent but revised downwards forecast to 10.7 per cent on April 5 and further to 10.2 per cent on April 21. On the global front; pound held steady after UK GDP data for March beat market expectations, keeping investors optimistic about the UK's economic recovery from the pandemic.
Finally, the rupee ended 73.42, weaker by 8 paise from its previous close of 73.34 on Tuesday. The currency touched a high and low of 73.51 and 73.43 respectively.