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Rupee weakens against US dollar on Wednesday

05 Jul 2023 Evaluate

Indian rupee weakened against the US dollar on Wednesday, tracking strong American currency at overseas market ahead of minutes from June meeting of the Federal Open Market Committee later today for further clues on the US central bank’s rate-hike path. Meanwhile, fears of a renewed US-China trade war also dented rupee sentiments. However, strong foreign fund inflows into the capital markets supported the domestic currency and contained the fall. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on July 4 as they purchased shares worth Rs 2,134.33 crore, exchange data showed.

The partially convertible currency is currently trading at 82.11, weaker by 10 paise from its previous close of 82.01 on Tuesday. The currency touched a high and low of 82.1475 and 82.05 respectively.

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