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Rupee weakens against US dollar on Monday

06 Feb 2023 Evaluate

Indian rupee weakened against the US dollar on Monday amid bets over more Fed interest rate hikes following better-than-expected US jobs report. Further, elevated crude oil prices and continued foreign fund outflows in the capital market also weighed on rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 932.44 crore, exchange data showed. Meanwhile, markets have turned cautious about the central bank's potential stance on policy tightening, ahead of RBI's monetary policy meeting starting today.

The partially convertible currency is currently trading at 82.43, weaker by 35 paise from its previous close of 82.08 on Friday. The currency touched a high and low of 82.50 and 82.3500 respectively.

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