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Rupee strengthens against US dollar on Friday

04 Feb 2022 Evaluate

Indian rupee strengthened against the US dollar on Friday, tracking the weakness of the American currency in the overseas market. However, volatility in domestic equities, fund outflows by foreign institutional investors and elevated crude oil prices limited further gains in rupee. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,597.54 crore on Thursday, exchange data showed. On the global front, the US dollar index was heading for its worst week in nearly two years as the euro held firm at a three-week high and sterling gained after hawkish shifts from the European Central Bank and the Bank of England. Meanwhile, global investors are waiting for the US non-farm payroll data due later in the day.

The partially convertible currency is currently trading at 74.73, stronger by 15 paise from its previous close of 74.88 on Thursday. The currency touched a high and low of 74.7725 and 74.6800 respectively.

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