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Rupee weakens against US dollar on Wednesday

26 Jul 2023 Evaluate
Indian rupee weakened against the US dollar on Wednesday with caution ahead of the US Federal Reserve’s monetary policy decision on interest rates due later in the day, where it is widely expected to raise rates by another 25 basis points. Moreover, higher crude prices also dampened rupee sentiments. However, firm domestic equities and promises of more stimulus measures in the world's second largest economy capped the fall. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on July 25 as they bought shares worth Rs 1,088.76 crore, exchange data showed.

The partially convertible currency is currently trading at 81.99, weaker by 11 paise from its previous close of 81.88 on Tuesday. The currency touched a high and low of 82.0250 and 81.8750 respectively.

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