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Rupee strengthens against US dollar on Thursday

16 Feb 2023 Evaluate
Indian rupee strengthened against the US dollar on Thursday supported by firm domestic equities following upbeat trade deficit data. Data showed that India's trade deficit fell to a 12-month low of $17.75 billion in January as imports declined 3.63% y-o-y to $50.66 billion. Moreover, weakness in American currency overnight and foreign fund inflows into capital markets also supported rupee sentiments. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 432.15 crore, exchange data showed.

The partially convertible currency is currently trading at 82.65, stronger by 18 paise from its previous close of 82.83 on Wednesday. The currency touched a high and low of 82.7250 and 82.6350 respectively.

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