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Rupee strengthens against US dollar on Thursday

08 Sep 2022 Evaluate

Indian rupee strengthened against the US dollar on Thursday. The domestic currency picked up after International Monetary Fund's (IMF) Managing Director Kristalina Georgieva said that despite global uncertainty and headwinds, India continues to be a bright spot in the global economy. Additional support came as foreign institutional investors (FIIs) stood as net buyers in the capital markets, as they purchased shares worth Rs 758.37 crore on Wednesday, according to provisional data. Traders will keep watch on European Central Bank meeting, which is scheduled to announce its rate decision on Thursday. On the global front, dollar hovered near a two-decade high hit in the previous session on Thursday as investors looked for fresh insight on the global monetary tightening path from a European Central Bank rate decision and comments from the head of the Federal Reserve.

The partially convertible currency is currently trading at 79.76, stronger by 19 paise from its previous close of 79.95 on Wednesday. The currency touched a high and low of 79.83 and 79.68 respectively.

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