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Rupee weakens against US dollar on Wednesday

23 Nov 2022 Evaluate
Indian rupee weakened against the US dollar on Wednesday, tracking sustained foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 697.83 crore on Tuesday, exchange data showed. Moreover, fears of a return to stricter Covid restrictions in China also weighed on rupee sentiments. Meanwhile, markets are cautiously awaiting the US Fed’s minutes for their policy meeting that would offer insight into continued interest rate hikes.

The partially convertible currency is currently trading at 81.82, weaker by 15 paise from its previous close of 81.67 on Tuesday. The currency touched a high and low of 81.85 and 81.7475 respectively.

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