Rupee settled lower against dollar on Thursday due to firm greenback in the overseas markets. Traders were worried as the commerce ministry said India's merchandise trade deficit rose to a record high in October, propelled by a 95 percent increase in gold imports. Investors overlooked reports that foreign institutional investors (FIIs) snapped a 15-session selling streak during the previous session, buying Indian shares worth Rs 550 crore on a net basis. On the global front, the dollar held its ground on Thursday after a volatile two days that saw sharp declines followed by a rebound as traders took incoming economic data as signalling the Federal Reserve will wait longer before cutting interest rates.
Finally, the rupee ended at 83.23 (Provisional), weaker by 14 paise from its previous close of 83.09 on Wednesday. The currency touched a high and low of 83.25 and 83.17 respectively.
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