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Rupee weakens against US dollar on Tuesday

14 Mar 2023 Evaluate
Indian rupee weakened against the US dollar on Tuesday as foreign fund outflows from the capital market and Silicon Valley Bank fallout dented rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 1,546.86 crore, exchange data showed. Moreover, strong American currency at overseas markets also weighed on rupee. Meanwhile, data showed India’s retail inflation fell marginally to 6.44% in February but remained above the central bank’s comfort level of 6% for the second month in a row. 

The partially convertible currency is currently trading at 82.33, weaker by 10 paise from its previous close of 82.23 on Monday. The currency touched a high and low of 82.4250 and 82.2400 respectively.

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