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Rupee weakens against US dollar on Thursday

17 Aug 2023 Evaluate
Indian rupee weakened against the US dollar on Thursday amidst weak trend in domestic equities in line with rising uncertainty over the Fed's interest rate increases further as inflation persists. Moreover, strength of the American currency in the overseas markets and retracement in crude oil prices from elevated levels also weighed on rupee sentiments. Meanwhile, the Indian forex and money markets were closed on Tuesday and Wednesday on account of Independence Day and Parsi New Year, respectively. However, Foreign Institutional Investors were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 722.76 crore, exchange data showed. 

The partially convertible currency is currently trading at 83.12, weaker by 4 paise from its previous close of 83.08 on Monday. The currency touched a high and low of 83.1250 and 82.9950 respectively.

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