Indian rupee closed at all-time low against dollar on Friday amid firm American currency, rising crude oil prices and negative trend in domestic equities. Sentiments were downbeat as World Bank in its latest report on ‘South Asia Economic Focus’ has downgraded India’s economic growth forecast to 6.5 per cent for the fiscal year 2022-23 (FY23), a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment. Meanwhile, RBI issues concept paper on digital currency; says will soon launch pilot e-rupee for specific use cases soon. On the global front, dollar retreated on Friday, ahead of a key employment report later that could offer a litmus test of the strength of the U.S. economic recovery, but with the Federal Reserve's commitment to fighting inflation, strategists believe any weakness won't last.
Finally, the rupee ended at 82.30 (Provisional), weaker by 13 paisa from its previous close of 82.17 on Thursday. The currency touched a high and low of 82.43 and 82.18 respectively.
