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Rupee weakens against US dollar on Monday

05 Jun 2023 Evaluate

Indian Rupee weakened against the US dollar on Monday, weighed down by the strength of the American currency at overseas markets after a robust US jobs report fuelled market expectations of a rate increase in June. Moreover, rising crude oil prices and foreign fund outflows from capital markets also dampened rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 658.88 crore, exchange data showed. Meanwhile, the RBI said India's forex reserves dropped by $4.339 billion to $589.138 billion for the week ended May 26.

The partially convertible currency is currently trading at 82.55, weaker by 16 paise from its previous close of 82.39 on Friday. The currency touched a high and low of 82.5650 and 82.4550 respectively.

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