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Rupee weakens against US dollar on Monday

14 Aug 2023 Evaluate
Indian rupee weakened against the US dollar on Monday in line with lower Asian currencies followed by stronger American currency and rise in US treasury yields. Moreover, negative trend in domestic equities and sustained foreign fund outflows also weighed rupee sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 3,073.28 crore, exchange data showed. India's forex reserves dropped for the third consecutive week, declining by $2.417 billion to $601.453 billion as of August 4, latest data by the RBI showed on Friday. Meanwhile, India's industrial production growth dropped to a three-month low of 3.7% in June.

The partially convertible currency is currently trading at 82.95, weaker by 13 paise from its previous close of 82.82 on Friday. The currency touched a high and low of 83.07 and 82.9425 respectively.

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