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Rupee weakens against US dollar on Wednesday

17 Nov 2021 Evaluate

Indian rupee weakened against the US dollar on Wednesday amid muted trend in the domestic equity market following foreign fund outflows. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 560.67 crore on Tuesday, exchange data showed. Further, firm American currency overseas after better-than-expected US retail data, also weighed on rupee sentiment. However, easing crude oil prices capped further weakness in rupee. On the global front, the euro held near a 16-month low to the dollar as Europe suffered from worries about growth amid a renewed surge in corona-virus cases.

The partially convertible currency is currently trading at 74.40, weaker by 3 paise from its previous close of 74.37 on Tuesday. The currency touched a high and low of 74.51 and 74.3875 respectively.

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