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Rupee strengthens against US dollar on Tuesday
Jan-11-2022

Indian rupee strengthened against the US dollar on Tuesday due to weakening American currency in the overseas market, despite lingering concerns about the economic impact of the Omicron variant of the corona-virus and the likelihood the US Federal Reserve would hike interest rates in the near future. As per the Union Ministry of Health, the Omicron tally in the country has reached at 4,461. Meanwhile, investors are now awaiting retail inflation data for December due on Wednesday as well as US Federal Reserve Chairman Jerome Powell’s Senate Banking Committee hearing later in the day for fresh clues on the timing and pace of policy normalization. However, Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 124.23 crore on Monday, exchange data showed.

The partially convertible currency is currently trading at 73.90, stronger by 15 paise from its previous close of 74.05 on Monday. The currency touched a high and low of 73.9650 and 73.8525 respectively.

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