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Rupee depreciates against dollar on Friday

14 Jul 2023 Evaluate

Rupee settled lower against dollar on Friday, following a rebound in the American currency against global peers and firm crude prices. Traders overlooked report that India’s inflation based on wholesale price index (WPI) deflated for the third straight month in June, on the back of fall in prices of mineral oils, non-food Articles, crude petroleum & natural gas and electricity. WPI inflation stood at (-) 4.12% for the month of June 2023 against (-) 3.48% recorded in May 2023. On the global front, Russian rouble firmed on Friday, on course for its first weekly gain in more than two months, edging back past the 90 mark against the dollar supported by high oil prices and as pressure from capital outflows eases. 

Finally, the rupee ended at 82.16 (Provisional), weaker by 8 paise from its previous close of 82.08 on Thursday. The currency touched a high and low of 82.17 and 81.92 respectively.

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