Rupee settled lower against dollar on Thursday weighed by broad strength in the dollar index. Traders were cautious ahead of macro-economic data i.e. Consumer Price Index (CPI) for the month of April and Index of Industrial Production (IIP) scheduled to be release on May 12, 2023. Traders ignored Industry body PHDCCI’s statement that enhanced competitiveness of the Indian economy will attract more investments and create new employment opportunities for the growing young population in the country. On the global front, sterling trimmed declines after the Bank of England raised interest rates for the 12th consecutive time, while the safe-haven dollar rose on Thursday as more evidence of weakness in China's post-COVID recovery clouded the outlook for the global economy.
Finally, the rupee ended at 82.09 (Provisional), weaker by 15 paise from its previous close of 81.94 on Wednesday. The currency touched a high and low of 82.13 and 81.93 respectively.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: