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Rupee depreciates against dollar on Friday

02 Aug 2024 Evaluate

Indian rupee depreciated on Friday as massive sell-offs in domestic as well as global equity markets negated gains from a weak American currency. Sentiments were negative after Reserve Bank’s latest data showed that an unfavourable base effect brought down the overall non-food credit growth of the banks to 13.9 per cent at Rs 163.46 lakh crore as of June 30, 2024 as against 16.3 per cent in June 2023, even as gold and housing loans rose sharply. The growth in credit card outstanding, meanwhile, declined during the 12-month period. On the global front, dollar slipped on Friday as investors grew apprehensive about potentially weak U.S. payrolls data following an unexpected slump in manufacturing, raising alarms about a slowdown in the world's largest economy and lifting traditional safe-haven currencies.

Finally, the rupee ended at 83.76 (Provisional), weaker by 2 paise from its previous close of 83.74 on Thursday. The currency touched a high and low of 83.76 and 83.72 respectively.

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