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Rupee weakens against US dollar on Thursday

11 Nov 2021 Evaluate

Indian rupee weakened against the US dollar on Thursday, weighed down by a lacklustre trend in the domestic equity market following continuous foreign fund outflows. Moreover, hike in crude oil prices, strengthening American currency overseas and lingering inflation worries globally have also kept the rupee sentiments bearish. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 469.50 crore on Wednesday, as exchange data showed. On the global front, the US dollar hit 2021 highs against its major peers after the hottest US inflation reading in a generation fuelled bets that the US Central Bank Fed may raise interest rates sooner than expected.

The partially convertible currency is currently trading at 74.46, weaker by 12 paise from its previous close of 74.34 on Wednesday. The currency touched a high and low of 74.5450 and 74.4400 respectively.

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