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Rupee weakens against US dollar on Thursday

29 Dec 2022 Evaluate

Indian rupee weakened against the US dollar on Thursday tracking weak trend in domestic equities with continued foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 872.59 crore, according to exchange data. However, some losses were capped after crude oil prices dropped as China COVID spike hurts demand outlook. While most Asian currencies eased as worries about a rise in COVID cases in China set in.

The partially convertible currency is currently trading at 82.84, weaker by 4 paise from its previous close of 82.80 on Wednesday. The currency touched a high and low of 82.8475 and 82.7600 respectively.

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