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Rupee weakens against US dollar on Thursday

19 May 2022 Evaluate

Indian rupee weakened against US dollar on Thursday tracking weak equities and foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) turned net sellers and offloaded shares worth Rs 1,254.64 crore on Wednesday, exchange data showed. Rupee sentiments declined further on concerns that rising inflation and monetary policy tightening will lead to global economic slowdown. The US Fed chief Jerome Powell said the Fed will hike interest rates as high as needed to cool off surging inflation which threatens the foundation of the economy.

The partially convertible currency is currently trading at 77.70, weaker by 8 paise from its previous close of 77.62 on Wednesday. The currency touched a high and low of 77.7400 and 77.6300 respectively.

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