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Rupee weakens against US dollar on Tuesday

29 Nov 2022 Evaluate
Indian rupee weakened against the US dollar on Tuesday, despite a firm trend in the domestic equity markets. Further, hawkish comments from US Federal Reserve officials about the path of interest-rate hikes and Covid protests in China also weighed down rupee sentiments. S&P Global Ratings lowered India's economic growth forecast for the current fiscal year to 7% down from the 7.3% projected in September, but said the domestic demand-led economy will be less impacted by the global slowdown. Meanwhile, foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth Rs 935.88 crore, according to exchange data.

The partially convertible currency is currently trading at 81.71, weaker by 3 paise from its previous close of 81.68 on Monday. The currency touched a high and low of 81.7250 and 81.5700 respectively.

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