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Rupee weakens against US dollar on Wednesday

02 Aug 2023 Evaluate

Indian rupee weakened against the US dollar on Wednesday amidst weakness in the domestic equities following foreign fund outflows over the past few days. Moreover, strengthening US dollar and firm crude oil prices also weighed on rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 92.85 crore, exchange data showed. However, expectations of US Federal Reserve’s pause in interest rate hikes limited further fall in rupee.

The partially convertible currency is currently trading at 82.47, weaker by 25 paise from its previous close of 82.22 on Tuesday. The currency touched a high and low of 82.4875 and 82.3725 respectively.

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