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Rupee strengthens against US dollar on Thursday

05 May 2022 Evaluate

Indian rupee strengthened against the US dollar on Thursday amid improved domestic sentiments after the US Federal Reserve’s in-line interest rate hike. The US Fed also noted that it will begin reducing asset holdings on its $9 trillion balance sheet starting from June. Moreover, anticipation of foreign fund inflows from the LIC IPO also aided sentiments. However, a surge in crude oil prices capped further gains in rupee. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,288.18 crore, exchange data showed.

The partially convertible currency is currently trading at 76.12, stronger by 28 paise from its previous close of 76.40 on Wednesday. The currency touched a high and low of 76.2050 and 75.9900 respectively.

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