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Rupee weakens against US dollar on Thursday

11 Aug 2022 Evaluate
Indian rupee weakened against the US dollar on Thursday as the American currency advanced at overseas markets. Rupee fell further, despite official data showed US inflation slowed down from a 40-year high in June to 8.5 percent in July that raised bets of less aggressive interest rate hikes. Although, recovery in domestic markets from lower levels and foreign fund inflows supported the local domestic unit and capped further fall in rupee. Foreign Institutional Investors (FIIs) have net bought Rs 1,061.88 crore worth of shares, whereas Domestic Institutional Investors (DIIs) have net sold Rs 768.45 crore worth of shares on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 79.45, weaker by 20 paise from its previous close of 79.25 on Wednesday. The currency touched a high and low of 79.4650 and 79.22 respectively.

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