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Rupee strengthens against US dollar on Friday

31 Dec 2021 Evaluate

Indian rupee strengthened against the US dollar on Friday, tracking gains in domestic equities even though Omicron is spreading quickly. Further, year-end sales of dollars by banks and exporters as well as easing crude oil prices also adding support to rupee sentiments. However, sustained outflows of foreign institutional investors from the capital market capped further gains in rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 986.32 crore on Thursday, exchange data showed. On the global front, US dollar was trading slightly up, and continuing its small upwards moves as 2021 concludes.

The partially convertible currency is currently trading at 74.29, stronger by 13 paise from its previous close of 74.42 on Thursday. The currency touched a high and low of 74.3850 and 74.2650 respectively.


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