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Rupee ends lower against dollar on Thursday

18 May 2023 Evaluate

Rupee settled lower against dollar on Thursday weighed down by a strong greenback in the overseas market and a negative trend in domestic equities. Traders were worried with private report that the value of foreign portfolio investment (FPI) in Indian equities was at $542 billion in the March quarter of 2023, a decline of 11 per cent from the preceding year, largely due to the exodus of foreign money from the domestic market. In comparison, the value of FPI in Indian equities was $612 billion in the January-March quarter of 2022. On the global front, sterling was falling back towards a three-week low against the dollar on Thursday, as investors remained cautious after the pound's recent rally, with the economy stagnating and the labour market softening.

Finally, the rupee ended at 82.59 (Provisional), weaker by 22 paise from its previous close of 82.37 on Wednesday. The currency touched a high and low of 82.66 and 82.35 respectively.

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