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Rupee weakens marginally against US dollar on Tuesday

01 Oct 2024 Evaluate
Indian rupee weakened marginally against the US dollar on Tuesday, weighed down by a strengthening American currency against its major rivals after US Federal Reserve Chair Jerome Powell emphasised that the Fed was not in a hurry to cut interest rates after recent data boosted confidence in ongoing economic growth. Meanwhile data showed India's current account deficit widened marginally by 1.1% of the gross domestic product to $9.7 billion in the April-June quarter of the current fiscal (Q1FY25) from a surplus of 1% to $8.9 billion in the preceding March quarter of FY24. Moreover, massive outflow of foreign funds also keep the rupee under pressure. Foreign Institutional Investors were net sellers in the capital markets on Monday, offloading shares worth Rs 9,791.93 crore, exchange data showed.

The partially convertible currency is currently trading at 83.80, weaker by 1 paise from its previous close of 83.79 on Monday. The currency touched a high and low of 83.82 and 83.80 respectively.

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