Indian rupee ended lower against US dollar on Friday on account of buying of the American currency by banks and importers. Traders overlooked private report stating that the June inflation data showed annual retail price growth steady at 6.26 percent versus 6.3 percent in May. This takes off pressures upon the central bank, which was battling apprehensions of higher inflation risks soon after its June 4 review. Also, downfall remain capped as bank credit grew by 6 per cent to Rs 109.31 lakh crore and deposits increased by 9.76 per cent to Rs 154.51 lakh crore in the fortnight ended July 2, 2021, RBI data showed. Meanwhile, India prepares for renegotiations and new trade negotiations with complementary markets including the UK, US, and European Union, a think tank paper has recommended establishing a new body of experienced trade negotiators with a designated trade representative within the ministry of commerce. On the global, dollar was headed for a weekly gain on Friday, supported by investors' drift toward safety as rising COVID-19 infections loomed over the pandemic recovery.
Finally, the rupee ended 74.57, weaker by 3 paise from its previous close of 74.54 on Thursday. The currency touched a high and low of 74.66 and 74.51 respectively.