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Rupee weakens against US dollar on Wednesday

29 Jan 2025 Evaluate
Indian rupee weakened against the US dollar on Wednesday as investors are awaiting clues from the US Federal Reserve meeting outcome. Moreover, sustained foreign fund outflows, unabated dollar demand from oil importers following tariff threats on US imports made by US President Donald Trump, have also pressurizing rupee sentiments. Foreign Institutional Investors offloaded equities worth Rs 4,920.69 crore in the capital markets on net basis on Tuesday, exchange data showed. Meanwhile, investors are awaiting the Union Budget this weekend. However, a decline in crude oil prices has limited further downside.

The partially convertible currency is currently trading at 86.59, weaker by 2 paise from its previous close of 86.57 on Tuesday. The currency touched a high and low of 86.6150 and 86.5775 respectively.

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