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Rupee trades flat against US dollar on Wednesday

31 May 2023 Evaluate
Indian rupee was trading flat against the US dollar on Wednesday due to strong American currency at overseas markets with expectations of another rate hike by the US Federal Reserve, while drop in Chinese Yuan keep the rupee flat in the near term. Moreover, subdued sentiments in domestic as well as global equity markets on caution ahead of US House’s debt ceiling vote, also kept sentiments under pressure. Meanwhile, fall in crude oil prices and foreign fund inflows into capital markets supported rupee. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Tuesday as they purchased shares worth Rs 2,085.62 crore, exchange data showed.

The partially convertible currency is currently trading flat at its previous close of 82.67 on Tuesday. The currency touched a high and low of 82.73 and 82.64 respectively.

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