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Rupee settles lower against dollar on Friday

24 Mar 2023 Evaluate

Rupee settled lower against dollar on Friday weighed down by the strength of the American currency and massive selling in the domestic equity market. Besides, the provisional data from exchanges showed that FIIs were net sellers to the tune of Rs 995 crore in the cash markets on March 23, 2023. Concerns that interest rate hikes by several central banks could slow down economic growth also weighed on the markets. Traders overlooked a report stating that India’s exports to the UAE are expected to touch an all-time high of $32 billion by the end of this fiscal due to the benefits of free trade agreement between the countries. On the global front, Russian rouble gave up most of its gains made against the U.S. dollar in the previous session on Friday, as the promise of upcoming month-end tax payments offered limited support amid sharply sliding oil prices.

Finally, the rupee ended at 82.44 (Provisional), weaker by 24 paise from its previous close of 82.20 on Thursday. The currency touched a high and low of 82.49 and 82.20 respectively.

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