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Rupee falls against dollar on Wednesday

18 Oct 2023 Evaluate

Indian rupee ended lower against dollar on Wednesday tracking negative cues from domestic equity markets amid surging crude oil prices overseas. Traders were concerned as ratings agency ICRA said borrowing costs for state governments and union territories are expected to increase in the second half of Financial Year 2023-24 (FY24) on rising bond yields and widening of spreads up to 15 basis points. Besides, private report said that the much anticipated free trade agreement between India and the United Kingdom is likely to be delayed yet again owing to certain differences between the two countries, especially on the question of trade in goods and services. On the global front, sterling ticked higher on Wednesday after data showed UK inflation held at 6.7% in September, showing no acceleration, but above expectations for a retreat to 6.6%.

Finally, the rupee ended at 83.27 (Provisional), weaker by 2 paise from its previous close of 83.25 on Tuesday. The currency touched a high and low of 83.27 and 83.23 respectively.


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