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Rupee weakens against US dollar on Wednesday

06 Sep 2023 Evaluate

Indian rupee weakened against the US dollar on Wednesday amid muted domestic equities following sustained foreign fund outflows over the past few days. Foreign Institutional Investors were net sellers in the capital markets as they offloaded shares worth Rs 1,725.11 crore on Tuesday, exchange data showed. Moreover, surging crude oil prices and dollar buying by foreign banks also weighed on rupee sentiments. Meanwhile, investors are awaiting more cues on US monetary policy from several Fed officials this week, starting with Dallas Fed President Lorie Logan later on Wednesday.

The partially convertible currency is currently trading at 83.06, weaker by 2 paise from its previous close of 83.04 on Tuesday. The currency touched a high and low of 83.09 and 83.0250 respectively.

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