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Rupee weakens against US dollar on Thursday

13 Oct 2022 Evaluate
Indian rupee weakened against the US dollar on Thursday tracking weak domestic equities after headline CPI inflation surged to 7.4 percent in September from 7 percent in the previous month. Besides, sustained foreign capital outflows and a sell-off in global equities also weighed on rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 542.36 crore on Wednesday, exchange data showed. Moreover, resurgence in Covid-19 infections and tightening curbs in China also putting more downward pressure on sentiments. Meanwhile, investors are cautiously awaiting US CPI data for more cues on the path of US monetary policy.

The partially convertible currency is currently trading at 82.40, weaker by 7 paise from its previous close of 82.33 on Wednesday. The currency touched a high and low of 82.4150 and 82.2550 respectively.

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