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Rupee depreciates against dollar on Thursday
Dec-07-2023

Rupee ended lower on Thursday tracking elevated American currency in the overseas market and a muted trend in domestic equities. Some concern came after Moody's Investors Service issued a negative outlook for global banks in 2024, attributing the negativity to the repercussions of central banks' tightening of monetary policies. Meanwhile, foreign institutional investors sold shares worth Rs 79.88 crore on Wednesday, according to exchange data. Investors overlooked report that NITI Aayog vice chairman Suman Bery said India has potential to grow at 8 per cent as the country is labour-rich with enough institutional maturity of a functioning democracy. On the global front, the pound edged up against the dollar and the euro on Thursday, but sank against the yen, as investor expectations mounted that the Bank of Japan could signal an end to its ultra-easy monetary policy next week.

Finally, the rupee ended at 83.36 (Provisional), weaker by 4 paise from its previous close of 83.32 on Wednesday. The currency touched a high and low of 83.37 and 83.33 respectively.

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