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Rupee settles lower against dollar on Thursday

25 Jul 2024 Evaluate

Indian rupee settled lower on Thursday amid the strength of the American currency in the overseas market. Traders got cautious, amid a private report stating that foreign investors sold nearly $1 billion worth of Indian equities in the two days since the government raised taxes on derivatives trades and on capital gains from equity investments in its annual budget. Traders overlooked Revenue Secretary Sanjay Malhotra’s statement that the direct tax slabs rejig announced in the Union Budget amounting to savings of Rs 17,500 for the middle class along with an increase in the rebate limit to Rs 7 lakh in the new tax regime last year is ‘sufficient’ relief over a period of two years. On the global front, pound fell slightly on Thursday but largely stayed above the fray that rocked other currencies, as investors increased their wagers on Bank of England rate cuts in 2024.

Finally, the rupee ended at 83.75 (Provisional), weaker by 3 paise from its previous close of 83.72 on Wednesday. The currency touched a high and low of 83.75 and 83.66 respectively.

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