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Rupee weakens against US dollar on Monday

17 Oct 2022 Evaluate
Indian rupee weakened against the US dollar on Monday as continuous foreign funds outflows weighed on sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 1,011.23 crore on Friday, exchange data showed. Rupee weakened further on growing fears that aggressive interest rate hikes by central banks globally would lead to a slowdown and weigh on corporate earnings. Union Finance Minister Nirmala Sitharaman has said the rupee has not weakened, but it is the dollar that has strengthened, as she defended the 8% drop in the Rupee’s value against the greenback this year.

The partially convertible currency is currently trading at 82.41, weaker by 22 paise from its previous close of 82.19 on Friday. The currency touched a high and low of 82.42 and 82.33 respectively.

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