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Rupee weakens against US dollar on Tuesday

30 May 2023 Evaluate
Indian rupee weakened against the US dollar on Tuesday tracking strong American currency at overseas markets, while decline in Chinese yuan also keep rupee under pressure. Moreover, uneven economic recovery in China and a hawkish outlook from the US Federal Reserve also dampened rupee sentiments. Meanwhile, investors are focusing on the US non-farm payroll data due on Friday. However, downward movement in crude price and foreign fund inflows into capital market, capped the fall in domestic currency. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs 1,758.16 crore, exchange data showed.

The partially convertible currency is currently trading at 82.75, weaker by 12 paise from its previous close of 82.63 on Monday. The currency touched a high and low of 82.79 and 82.63 respectively.

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