Rupee settles lower against dollar on Thursday

Rupee settled lower against dollar on Thursday weighed down by the strength of the American currency in the overseas market. Traders were worried after Reserve Bank of India's (RBI) data showed that for the first time in a decade, the gross foreign direct investment (FDI) flows witnessed a decline of 16 per cent to $71 billion in FY23. Investors overlooked Reserve Bank Governor Shaktikanta Das’ statement that the growth for 2022-23 is expected to be more than the advance estimate of 7 per cent on the back of economic momentum maintained in the third and fourth quarters of the last fiscal. On the global front, pound fell to its lowest level in almost two months on Thursday after an inflation report sowed doubts about the health of Britain's economy. Meanwhile, Rouble firmed on Thursday, moving past the 80 mark against a broadly stronger dollar, supported by relatively high oil prices and the promise of month-end tax payments that usually buttress the Russian currency.

Finally, the rupee ended at 82.75 (Provisional), weaker by 7 paise from its previous close of 82.68 on Wednesday. The currency touched a high and low of 82.78 and 82.70 respectively.