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Rupee weakens against US dollar on Friday

22 Jul 2022 Evaluate

Indian rupee weakened against the US dollar on Friday tracking the strength of the dollar in the overseas market and firm crude oil prices. However, downside remained capped with fresh buying by foreign funds into the capital markets. Foreign Institutional Investors (FIIs) remained net buyers, buying shares worth Rs 1,799.32 crore on Thursday, exchange data showed. Gains in domestic equity markets also supported rupee sentiments. Moreover, fading recession fears on taming of expectations for a very aggressive interest rate hikes also aided the the Indian currency.

The partially convertible currency is currently trading at 79.90, weaker by 5 paise from its previous close of 79.85 on Thursday. The currency touched a high and low of 79.9225 and 79.8650 respectively.

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