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Rupee strengthens against US dollar on Friday

01 Sep 2023 Evaluate
Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equities after India’s economy grew 7.8% in the April-June quarter YoY, the highest in the past four quarters. Meanwhile, weaker-than-expected growth and labour market data in the United States also raised expectations that the US Federal Reserve will not hike interest rates further. Investors are focusing on key US monthly jobs report due later in the day. However, foreign fund outflows and rising crude prices pressurizing rupee to weaken. Foreign Institutional Investors were net sellers in the capital market as they offloaded shares worth Rs 2,973.10 crore, while Domestic Institutional Investors net purchased shares to the tune of Rs 4,382.76 crore on Thursday, exchange data showed.

The partially convertible currency is currently trading at 82.66, stronger by 4 paise from its previous close of 82.70 on Thursday. The currency touched a high and low of 82.7025 and 82.5825 respectively.

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