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Rupee ends considerably lower against dollar

04 Aug 2022 Evaluate

Tumbling for second straight session, Rupee ended considerably lower against dollar on Thursday amid US-China tensions. Traders also remained on edge ahead of the Reserve Bank of India (RBI) monetary policy outcome on August 05. Sentiments were fragile as government data showed that India's foreign direct investment to gross domestic product ratio eased to 2.7% in fiscal year ending March. 31, 2022 from 3.1% in the previous financial year. On the global front, dollar slipped against most major currencies on Thursday as the positive impact of hawkish Federal Reserve comments faded and investors waited for more signs on the data front to confirm that more large rate hikes to curb inflation were coming.

Finally, the rupee ended at 79.40 (provisional), weaker by 25 paisa from its previous close of 79.15 on Wednesday. The currency touched a high and low of 79.85 and 78.21 respectively.

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