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Rupee weakens against US dollar on Monday

22 Aug 2022 Evaluate
Indian rupee weakened against the US dollar on Monday amid bets that the US Federal Reserve would continue to raise policy rates. Meanwhile, investors are focusing this week on comments by US Fed Chair Jerome Powell at the annual symposium in Jackson Hole, Wyoming. Also, losses in the domestic stock markets also weighed on rupee sentiments. However, foreign fund inflows, receding global crude prices, and pullback in the American currency from five-week highs against its major peers restricted further fall in rupee. Foreign Institutional Investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 1,110.90 crore on Friday, exchange data showed. 

The partially convertible currency is currently trading at 79.88, weaker by 4 paise from its previous close of 79.84 on Friday. The currency touched a high and low of 79.9050 and 79.78 respectively.

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