Rupee ends lower against dollar on Monday

15 May 2023 Evaluate

Indian rupee ended lower against dollar on Monday weighed down by the strength of the American currency in the overseas market. Traders were worried after India’s industrial production growth measured in terms of the Index of Industrial Production (IIP) slipped to five-month low of 1.1 per cent in March 2023 from 5.8 per cent in February 2023. The previous lowest level of growth was recorded in October 2022 at a contraction of 4.1 per cent. The factory output growth stood at 2.2 per cent in March 2022. Traders ignored report that India’s inflation based on wholesale price index (WPI) turned negative for the first time since July 2020 at (-) 0.92% for the month of April 2023 as against 1.34% in March 2023. On the global front, U.S. dollar fell slightly from a five-week high on Monday. Meanwhile, the Turkish lira sank to a near record low as weekend elections looked headed for a runoff, while the Thai baht rallied after a more decisive election result.

Finally, the rupee ended at 82.33 (Provisional), weaker by 15 paise from its previous close of 82.18 on Friday. The currency touched a high and low of 82.37 and 82.18 respectively.


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