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Rupee weakens against US dollar on Wednesday

19 Jul 2023 Evaluate

Indian rupee weakened against the US dollar on Wednesday tracking firm American currency at overseas markets with caution ahead on the US Federal Reserve’s interest rate decision next week. Meanwhile, the RBI continues its US dollar buying spree near 81.90 this month, Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP said. Although, sustained foreign fund inflows into the capital markets limited the depreciating bias. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 2,115.84 crore, exchange data showed.

The partially convertible currency is currently trading at 82.08, weaker by 4 paise from its previous close of 82.04 on Tuesday. The currency touched a high and low of 82.12 and 82.0750 respectively.

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