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Rupee weakens against US dollar on Thursday

28 Mar 2024 Evaluate

Indian rupee weakened against the US dollar on Thursday amid higher demand for the American currency from oil importers and hawkish comments from the Federal Reserve officials. Fed Governor Christopher Waller said that there is no rush to cut the benchmark rate and may need to maintain the current rate target for longer than expected. Moreover, elevated crude oil prices in the international market also dented rupee sentiments. However, likely intervention from the Reserve Bank of India helped rupee to avoid a new low. Foreign institutional investors were net buyers in the capital markets on Wednesday as they bought shares worth Rs 2,170.32 crore, exchange data showed.

The partially convertible currency is currently trading at 83.37, weaker by 4 paise from its previous close of 83.33 on Wednesday. The currency touched a high and low of 83.3775 and 83.3050 respectively.


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