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Rupee strengthens against US dollar on Friday

13 May 2022 Evaluate

Indian rupee strengthened against the US dollar on Friday tracking firm equities, despite persistent foreign fund outflows from capital markets. On Thursday, Foreign Institutional Investors (FIIs) sold shares worth Rs 5,255.75 crore, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 4,815.64 crore worth of shares on a net basis in Indian equity market. However, some gains were capped by reports that domestic retail inflation galloped for a seventh straight month to touch an 8-year high of 7.79% in April and industrial production growth remained subdued at 1.9% in March compared to a year ago.

The partially convertible currency is currently trading at 77.34, stronger by 16 paise from its previous close of 77.50 on Thursday. The currency touched a high and low of 77.40 and 77.2775 respectively.

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