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Rupee weakens against US dollar on Monday

10 Jul 2023 Evaluate
Indian rupee weakened against the US dollar on Monday on account of firm American currency at the overseas markets. Moreover, strong US labour market data fuelled speculation that the US Federal Reserve will become more aggressive in fighting inflation. However, sustained foreign fund inflows into capital markets and positive macro-economic indicators limited further fall in domestic currency. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 790.40 crore, exchange data showed. India's foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ended June 30, the RBI said on Friday.

The partially convertible currency is currently trading at 82.65, weaker by 4 paise from its previous close of 82.61 on Friday. The currency touched a high and low of 82.6575 and 82.55 respectively.

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