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Rupee weakens against US dollar on Wednesday

13 Apr 2022 Evaluate

Indian rupee weakened against the US dollar on Wednesday as volatility in domestic equities following weak macroeconomic data weighed on rupee sentiments. Data showed retail inflation surged to a 17-month high of 6.95% in March, continuing to remain above the upper tolerance level of the Reserve Bank, while factory output grew just 1.7% in February. Meanwhile, strengthening US dollar in the overseas market also put pressure on rupee. Foreign Institutional Investors (FIIs) remained net sellers in the capital market on Tuesday as they offloaded shares worth Rs 3,128.39 crore, exchange data showed.

The partially convertible currency is currently trading at 76.20, weaker by 5 paise from its previous close of 76.15 on Tuesday. The currency touched a high and low of 76.2200 and 76.1500 respectively.

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