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Rupee weakens against US dollar on Friday

21 Jul 2023 Evaluate
Indian rupee weakened against the US dollar on Friday, tracking negative trend in domestic equities on caution ahead of US Federal Reserve's interest rate decision next week. Moreover, firm crude oil prices also weighed on rupee sentiments. Meanwhile, as inflows dominate and the RBI continues to hold American currency near 81.90, the rupee is likely to remain range-bound, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. However, Foreign Institutional Investors were net buyers in the capital markets on Thursday as they purchased shares worth Rs 3,370.90 crore, exchange data showed.

The partially convertible currency is currently trading at 82.03, weaker by 10 paise from its previous close of 81.93 on Thursday. The currency touched a high and low of 82.05 and 82.00 respectively.

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