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Rupee weakens against US dollar on Thursday

02 Mar 2023 Evaluate
Indian rupee weakened against the US dollar on Thursday, tracking sustained foreign fund outflows from the capital market. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 424.88 crore, exchange data showed. Moreover, firm American currency at overseas markets with caution as the US Federal Reserve official Neel Kashkari left the door open to a 50-basis point rate (bps) hike at the Fed's next meeting in March, also weighed on rupee sentiments.

The partially convertible currency is currently trading at 82.55, weaker by 6 paise from its previous close of 82.49 on Wednesday. The currency touched a high and low of 82.5950 and 82.54 respectively.

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