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Rupee strengthens against US dollar on Monday

24 Jul 2023 Evaluate
Indian rupee strengthened against the US dollar on Monday, despite caution ahead of the US Federal Reserve monetary policy decision this week with expectation that US Fed to hike interest rates once again. Meanwhile, India's forex reserves rose by $12.743 billion to $609.022 billion in the week ended July 14, the Reserve Bank of India said on Friday. However, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,998.77 crore, exchange data showed. 

The partially convertible currency is currently trading at 81.93, stronger by 5 paise from its previous close of 81.98 on Friday. The currency touched a high and low of 82.04 and 81.8875 respectively.

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