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Rupee weakens against US dollar on Wednesday

02 Mar 2022 Evaluate

Indian rupee weakened against the US dollar on Wednesday tracking weak trend in domestic equities with continued foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 3,948.47 crore on Monday, exchange data showed. Further, elevated crude oil prices on supply worries after sanctions over Russia by Western allies, followed by Russia’s invasion in Ukraine. Meanwhile, according to the National Statistical Office (NSO), Indian economy grew by 5.4 per cent in the October-December quarter of 2021-22. The Indian currency market was closed on Tuesday for Mahashivratri. On the global front, a rebound in the dollar index after ceasefire negotiations between Russian and Ukraine forces failed also weighed on the domestic unit.

The partially convertible currency is currently trading at 75.6550, weaker by 32 paise from its previous close of 75.3350 on Monday. The currency touched a high and low of 75.8200 and 75.5650 respectively.


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