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Rupee weakens against US dollar on Thursday

03 Aug 2023 Evaluate
Indian rupee weakened against US dollar on Thursday due to weak trend in domestic equities after Fitch Ratings downgraded the US sovereign credit rating. Further, sustained foreign fund outflows, strengthening American currency and firm crude oil prices also dampened rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,877.84 crore, exchange data showed. Market sentiments weakened further by the upbeat US ADP job report that revived worries about US Federal Reserve’s interest rate hiking campaign.

The partially convertible currency is currently trading at 82.73, weaker by 6 paise from its previous close of 82.67 on Wednesday. The currency touched a high and low of 82.7450 and 82.6625 respectively.

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