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Rupee strengthens against US dollar on Monday

31 Jan 2022 Evaluate

Indian rupee strengthened against the US dollar on Monday following the recovery in domestic equities even as Foreign institutional investors offloaded shares worth Rs 5,045.34 crore on Friday. Meanwhile, Indian Finance Minister Nirmala Sitharaman will present the Economic Survey 2021-22, later in the day. The market is also awaiting the Union Budget, Bank of England and European Central Bank meetings, and the Reserve Bank of India's Monetary Policy Committee meeting for further cues. Although, elevated crude oil prices and firm American currency overseas restricted the gain in the local unit.

The partially convertible currency is currently trading at 74.95, stronger by 12 paise from its previous close of 75.07 on Friday. The currency touched a high and low of 75.0550 and 74.9200 respectively.

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