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Rupee strengthens against US dollar on Monday
Jan-10-2022

Indian rupee strengthened against the US dollar on Monday amid strong gains in domestic equities following fund inflows from foreign Institutional Investors. Data showed Foreign Institutional Investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 496.27 crore on Friday. However, growing concerns over the Omicron variant of coronavirus and its impact on economic recovery, firm crude oil prices and strong American currency overseas capped gains in rupee. Meanwhile, investors are awaiting December US inflation data which could reinforce the case for earlier-than-expected interest rate hikes by the US Federal Reserve after weaker jobs data.

The partially convertible currency is currently trading at 74.20, stronger by 14 paise from its previous close of 74.34 on Friday. The currency touched a high and low of 74.2150 and 74.1000 respectively.

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