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Rupee depreciates against dollar on Friday

26 Apr 2024 Evaluate

Indian rupee ended lower against the U.S. dollar on Friday as a strengthening American currency overseas and a selloff in domestic equities weighed on the local unit. Sentiments were downbeat after World Bank said that interest rates could remain higher than expected in 2024 and 2025 as global commodity prices level off. Traders overlooked report by Engineering Export Promotion Council (EEPC) stating that India's engineering goods including steel and machinery exports rose 10.7% year-on-year in March to $11.28 billion, growing in double digits for the second straight month, despite ongoing supply issues caused by disruption to shipping through the Red Sea. On the global front, the yen fell on Friday and was trading around its weakest level in three decades, having briefly spiked against the dollar, with markets on edge about possible intervention after the Bank of Japan kept interest rates on hold.

Finally, the rupee ended at 83.38 (Provisional), weaker by 10 paise from its previous close of 83.28 on Thursday. The currency touched a high and low of 83.36 and 83.30 respectively.

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