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Rupee weakens sharply on Thursday on strong American currency overseas

22 Sep 2022 Evaluate
Indian rupee weakened sharply against the US dollar on Thursday as the American currency strengthened overseas following a 75-basis-point rate hike by the US Federal Reserve and an indication of more interest rate hikes in the future than what was previously anticipated. Weakness in domestic equities following announcement of Russia’s first mobilisation since the second world war also adding more pressure on rupee. Moreover, potential recession fears in the market also dampened sentiments. Foreign Institutional Investors (FIIs) offloaded net shares worth Rs 461.04 crore on Wednesday, exchange data showed.

The partially convertible currency is currently trading at 80.62, weaker by 66 paise from its previous close of 79.96 on Wednesday. The currency touched a high and low of 80.6250 and 80.2775 respectively.

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