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Rupee falls against dollar on Thursday

27 Apr 2023 Evaluate

Indian rupee tumbled against dollar on Thursday amid a strong greenback overseas. Traders overlooked Reserve Bank Governor Shaktikanta Das’ statement that Indian banking system has remained resilient and not adversely impacted by recent events in the global financial ecosystem. Meanwhile, India and the four-nation bloc EFTA discussed ways to resume negotiations for a free trade agreement with a view to strengthening economic ties between the two regions. On the global front, sterling steadied against the dollar on Thursday, after two volatile days largely cancelled each other out, leaving the British currency not far off a 10-month peak. Rouble steadied on Thursday, with the market looking ahead to Friday's interest rate decision, as favourable month-end tax payments propped the Russian currency up amid a significant drop in oil prices.

Finally, the rupee ended at 81.84 (Provisional), weaker by 10 paise from its previous close of 81.74 on Wednesday. The currency touched a high and low of 81.85 and 81.61 respectively.

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