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Rupee weakens against US dollar on Monday

17 Apr 2023 Evaluate
Indian rupee weakened against the US dollar on Monday, tracking weak trend in domestic equities following strengthening of American currency in the overseas market. Moreover, growing market expectations of the US Federal Reserve’s interest rate hikes in May also weighed on rupee sentiments. However, Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 221.85 crore, exchange data showed. India’s forex and equity markets were closed on Friday on account of Ambedkar Jayanti.

The partially convertible currency is currently trading at 81.96, weaker by 11 paise from its previous close of 81.85 on Thursday. The currency touched a high and low of 81.9850 and 81.8950 respectively.

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