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Rupee settles lower against dollar on Thursday

18 Jul 2024 Evaluate

Indian rupee settled lower on Thursday as the strength of the American currency in the overseas market. Traders ignored report that the Asian Development Bank (ADB) said India’s stronger-than-expected fiscal position could provide a further boost to its growth, while keeping the Gross Domestic Product (GDP) growth projection for the current financial year (FY25) unchanged at 7 per cent. On the global front, Russian rouble gained ground against the dollar on Thursday, bolstered by rising oil prices and a weakening dollar. Besides, pound dipped on Thursday, but still headed for a fourth weekly gain versus the dollar, after another round of UK data fed into the view that the Bank of England may not have as much scope to cut rates at its August meeting.

Finally, the rupee ended at 83.63 (Provisional), weaker by 5 paise from its previous close of 83.59 on Tuesday. The currency touched a high and low of 83.66 and 83.55 respectively.

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