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Rupee depreciates against dollar on Wednesday
Mar-29-2023

Indian rupee tumbled against dollar on Wednesday amid a rise in crude prices. Traders were worried as private report said that the Reserve Bank of India will raise its interest rate by 25 basis points on April 6 and then pause for the rest of the year. Traders ignored Commerce and Industry Minister Piyush Goyal’s statement that the country's merchandise and services exports are estimated to cross $760 billion in the current fiscal ending March 31. He said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well. On the global front, the British pound hit its highest level against the dollar in eight weeks on Wednesday as worries about the health of the global financial system continued to ease. Dollar steadied against most major peers on Wednesday, pausing its recent declines, and gaining sharply against the yen which was volatile as the end of the Japanese fiscal year approaches.

Finally, the rupee ended at 82.31 (Provisional), weaker by 15 paise from its previous close of 82.16 on Tuesday. The currency touched a high and low of 82.37 and 82.23 respectively.

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