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Rupee weakens against US dollar on Wednesday

23 Apr 2025 Evaluate
Indian rupee weakened against the US dollar on Wednesday as the American currency recovered against its major peers overseas, supported by easing concerns about the Federal Reserve's independence after President Donald Trump clarified that he had no intention of removing Federal Reserve Chairman Jerome Powell. Trump has also signalled the possibility of lower tariffs against China. However, liquidity infusion from the RBI and increasing foreign inflows into the Indian capital markets have limited further weakness in rupee. Foreign institutional investors bought equities worth Rs 1,290.43 crore on a net basis on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 85.46, weaker  by 27 paise from its previous close of 85.19 on Monday. The currency touched a high and low of 85.4725 and 85.24 respectively.

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