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Rupee strengthens against US dollar on Friday

16 Jun 2023 Evaluate

Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equities and losses in crude oil prices. Moreover, foreign fund inflows into the capital markets also supported rupee sentiments. Foreign Institutional Investors (FIIs) were net buyers in the capital markets, on Thursday, as they purchased shares worth Rs 3,085.51 crore, exchange data showed. On the global front, the Japanese yen edged lower as the Bank of Japan left interest rates unchanged at record lows and said it will continue with its yield curve control policy for the near-future to support economic growth.

The partially convertible currency is currently trading at 81.89, stronger by 36 paise from its previous close of 82.25 on Thursday. The currency touched a high and low of 82.02 and 81.88 respectively.

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