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Rupee settles lower against dollar on Thursday

20 Jun 2024 Evaluate

Indian rupee settled lower on Thursday despite domestic markets ended in green. Traders got cautious as the RBI Bulletin stated that retail inflation is gradually easing, but volatile and elevated food prices are interrupting the path of disinflation. In article on the ‘State of the Economy’, published in the June 2024 Bulletin, it said global growth was resilient in the first quarter of 2024, and many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. On the global front, the dollar climbed on Thursday, while the Swiss franc and the pound dropped as a busy day of central bank meetings kept currency traders alert.

Finally, the rupee ended at 83.61 (Provisional), weaker by 17 paise from its previous close of 83.44 on Wednesday. The currency touched a high and low of 83.68 and 83.42 respectively.

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