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Rupee trades flat against US dollar on Wednesday

06 Jul 2022 Evaluate
Indian rupee was trading flat against the US dollar on Wednesday on account of fears of economic slowdown and expectations of peak Current Account Deficit of 3% of GDP in the ongoing financial year. Meanwhile, overnight fall in crude oil prices supported rupee. Foreign Institutional Investors (FIIs) also turned net buyers after a long gap in the capital market as they purchased shares worth Rs 1,295.84 crore on Tuesday, exchange data showed. On the global front, US dollar holding at multi-month highs against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency.

The partially convertible currency is currently trading flat at its previous close of 79.33 on Tuesday. The currency touched a high and low of 79.3750 and 79.24 respectively.

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