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Rupee weakens against US dollar on Thursday

31 Aug 2023 Evaluate
Indian rupee weakened against the US dollar on Thursday tracking weakness in the domestic equity markets. Moreover, foreign fund outflows and higher crude oil prices also weighed on rupee sentiments. Foreign Institutional Investors were net sellers in the capital market as they offloaded shares worth Rs 494.68 crore on Wednesday, exchange data showed. However, India’s GDP in the April-June quarter is expected to have accelerated to 7.7% for the first quarter of the current fiscal that will be released later in the day.

The partially convertible currency is currently trading at 82.65, weaker by 2 paise from its previous close of 82.63 on Wednesday. The currency touched a high and low of 82.73 and 82.5875 respectively.

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