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Rupee strengthens against US dollar on Monday

01 Aug 2022 Evaluate
Indian rupee strengthened against US dollar on Monday as the American currency fell overseas on bets that the US Federal Reserve would scale back its pace of interest rate hikes as the world's biggest economy stares at a possible recession. Moreover, falling crude oil prices also supported rupee’s gain. Although, investors await Reserve Bank of India's monetary policy decision on Friday where a 35-50 basis points interest rate hike was expected. Foreign Institutional Investors (FIIs) were net buyers in the capital market, purchasing shares worth Rs 1,046.32 crore on Friday, exchange data showed.

The partially convertible currency is currently trading at 79.18, stronger by 6 paise from its previous close of 79.24 on Friday. The currency touched a high and low of 79.2250 and 79.1100 respectively.

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