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Rupee depreciates against dollar on Thursday

09 Mar 2023 Evaluate

Indian rupee tumbled against dollar on Thursday tracking a muted trend in domestic equities. Traders were worried after India Ratings in a report projected just 4 per cent Gross Domestic Product (GDP) growth for India for the fourth quarter and said the final growth numbers for the full year (FY23) will be lower than the second advance estimate of 7 per cent. On the global front, dollar held near a three-month high on Thursday, underpinned by Federal Reserve Chair Jerome Powell's message that interest rates would have to go higher and possibly faster. 

Finally, the rupee ended at 82.02 (Provisional), weaker by 7 paise from its previous close of 81.95 on Wednesday. The currency touched a high and low of 82.04 and 81.77 respectively.

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