Rotating UI element using touch for mobile - Unity 2D

Question

I want to create the above object that will rotate on z-axis following the direction of a finger. Like a dial. I have written the following code and attached it to that element:

private float rotationRate = 3.0f;

    void Update()
    {
        // get the user touch input
        foreach (Touch touch in Input.touches)
        {
            Debug.Log("Touching at: " + touch.position);

            if (touch.phase == TouchPhase.Began)
            {
                Debug.Log("Touch phase began at: " + touch.position);
            }
            else if (touch.phase == TouchPhase.Moved)
            {
                Debug.Log("Touch phase Moved");
                transform.Rotate(touch.deltaPosition.y * rotationRate,
                                 -touch.deltaPosition.x * rotationRate, 0, Space.World);
            }
            else if (touch.phase == TouchPhase.Ended)
            {
                Debug.Log("Touch phase Ended");
            }
        }
    }

But the element does not move at all. Any ideas?

EDIT:

Here is a gif for better understanding:

Answer 1

I used this Script and it did rotate the sprite but not like the GIF you have posted so i mad a little bit of changes and it worked fine also the value of "rotationRate" was way to high so reduced it to "0.4f" but is totally up to you what do you like, Any way here is you updated script:

[SerializeField, Range(0, 3)] private float rotationRate = 0.4f;

    void Update()
    {
        foreach (Touch touch in Input.touches)
        {
            Debug.Log("Touching at: " + touch.position);

            if (touch.phase == TouchPhase.Began)
            {
                Debug.Log("Touch phase began at: " + touch.position);
            }
            else if (touch.phase == TouchPhase.Moved)
            {
                Debug.Log("Touch phase Moved");
                transform.Rotate(0, 0, -touch.deltaPosition.x * rotationRate, Space.World);
            }
            else if (touch.phase == TouchPhase.Ended)
            {
                Debug.Log("Touch phase Ended");
            }
        }
    }