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Rupee settles lower against dollar on Friday

19 May 2023 Evaluate

Rupee settled lower against dollar on Friday weighed down by a strong greenback overseas and surging crude prices in the international market. Traders got anxious as a report by economic think tank GTRI said India's exports of products like coffee, leather hides and paperboard worth $1.3 billion annually to the European Union will get impacted due to the deforestation regulation adopted by the EU earlier this week. Besides, a private report stated that India-focused offshore funds and exchange-traded funds (ETFs) witnessed a 9 per cent quarter-on-quarter decline in inflows to $803 million in the January-March period, mainly due to an uncertain global economic environment. On the global front, the pound was heading for its second straight weekly fall against the dollar on Friday, weighed down by a resurgent dollar and weakness in the British economy. 

Finally, the rupee ended at 82.67 (Provisional), weaker by 5 paise from its previous close of 82.62 on Thursday. The currency touched a high and low of 82.80 and 82.64 respectively.


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