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Rupee settles lower against dollar on Friday

23 Jun 2023 Evaluate

Rupee settled lower against dollar on Friday amid strong American currency against major rivals overseas and negative sentiment in equity markets. Outflow of foreign funds from domestic equities also put pressure on the local unit. Traders were concerned as the minutes of the June MPC released by the central bank revealed that sounding a note of caution, RBI’s rate-setting panel member Jayanth R Varma opined that monetary policy is now dangerously close to levels at which it can inflict significant damage to the economy. On the global front, the euro fell after the bloc's business growth virtually stalled this month, as the dollar drew support from a bout of risk aversion on Friday and hawkish comments from global central banks, including the Federal Reserve. 

Finally, the rupee ended at 82.02 (Provisional), weaker by 5 paise from its previous close of 81.97 on Thursday. The currency touched a high and low of 82.07 and 82.00 respectively.

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