Rupee settled lower against dollar on Thursday weighed down by a strong greenback overseas and a negative trend in domestic equities. Traders were cautious as global rating agency Fitch warned that rapid loan growth, especially in unsecured retail credit, needs careful management to avoid a spike in risks and credit costs for India's banks and finance companies. Besides, Crisil Market Intelligence and Analytics said that urban poor have been the most impacted by 15-month high consumer price inflation (CPI) in July. On the global front, Russian rouble strengthened against the dollar on Thursday, in a volatile week filled with speculation over how the authorities might stabilise the currency after a 350-basis-point rate hike appeared to have only a limited effect.
Finally, the rupee ended at 83.09 (Provisional), weaker by 1 paisa from its previous close of 83.08 on Monday. The currency touched a high and low of 83.16 and 82.99 respectively.