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Rupee weakens against US dollar on Monday

04 Jul 2022 Evaluate
Indian rupee weakened against the US dollar on Monday amid persistent outflows of foreign capital. Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth Rs 2,324.74 crore on Friday, exchange data showed. Moreover, concerns over high inflation, a potential US recession and economic growth worries also adding pressure on rupee sentiments. But, weakness of crude oil prices is supporting the domestic unit and capped the fall. Meanwhile, India’s foreign exchange reserves increased by $2.734 billion to $593.323 billion for the week ended June 24 on the back of a surge in the core currency assets, RBI said. 

The partially convertible currency is currently trading at 78.98, weaker by 4 paise from its previous close of 78.94 on Friday. The currency touched a high and low of 79.0600 and 78.9600 respectively.

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