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Rupee weakens against US dollar on Monday

28 Mar 2022 Evaluate

Indian rupee weakened against US dollar on Monday following weakness in the domestic equities, while strengthening American currency in the overseas market and heightened geopolitical tensions also dampened sentiments. Moreover, concerns over fresh foreign capital outflows also affected rupee's movement. Foreign institutional investors (FIIs) were remained net sellers in the capital market on Friday as they sold shares worth Rs 1,507.37 crore, exchange data showed. On the global front, the euro traded near a 21-month low as the war in Ukraine likely to weigh on European growth while the Federal Reserve lines up interest rate hikes.

The partially convertible currency is currently trading at 76.28, weaker by 4 paise from its previous close of 76.24 on Friday. The currency touched a high and low of 76.3800 and 76.2775 respectively.

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