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Rupee ends lower against dollar on Friday

12 Aug 2022 Evaluate

Indian rupee turned lower on Friday, due to sustained dollar demand from banks and importers amid higher dollar overseas. Traders took note of report that India and the UK will continue to work intensively to conclude the majority of talks on a comprehensive and balanced Free Trade Agreement (FTA) by end of October 2022. In a joint statement on the ongoing FTA negotiations, the Department for International Trade (DIT) said the fifth round involved a detailed draft treaty text discussion over 85 separate sessions and 15 policy areas. The latest round concluded, with the next due to be held in the UK later this month. Also, traders remained on sidelines ahead of the industrial growth data for June and retail inflation figures for July to be out later in the day. On the global front, dollar rose on Friday but was still set for a weekly decline as traders looked for signs of U.S. inflation peaking.

Finally, the rupee ended at 79.74 (Provisional), weaker by 12 paisa from its previous close of 79.62 on Thursday. The currency touched a high and low of 79.74 and 79.63 respectively.

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