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Rupee appreciates marginally against US dollar on Thursday

10 Aug 2023 Evaluate

Indian rupee appreciated marginally against the US dollar on Thursday, as the Reserve Bank of India decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent. Moreover, hopes of more stimulus measures in China and foreign fund inflows into capital markets also supported rupee sentiments. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 644.11 crore, exchange data showed. However, elevated crude oil prices and probability of an interest rate hike by the US Federal Reserve at its September meeting, limited further gains in rupee.

The partially convertible currency is currently trading at 82.83, stronger by 2 paise from its previous close of 82.85 on Wednesday. The currency touched a high and low of 82.86 and 82.8050 respectively.

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