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Rupee weakens against US dollar on Wednesday
Aug-03-2022
Indian rupee weakened against the US dollar on Wednesday, tracking weakness in domestic equities and strong American currency at overseas markets. Moreover, geopolitical tensions between the United States and China along with hawkish comments from US Fed officials also adding pressure on rupee sentiments. Meanwhile, data showed India’s July trade deficit widened to a record $31 billion with a sequential decline in exports and somewhat flat imports due to growing recessionary trends in developed economies and elevated commodity prices. However, investors await Reserve Bank of India's monetary policy decision on Friday where a 35-50 basis points interest rate hike was expected. Foreign Institutional Investors (FIIs) bought shares worth Rs 825.18 crore, while Domestic Institutional Investors (DIIs), were also net buyers to the tune of Rs 117.79 crore in the Indian equity market on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 78.89, weaker by 36 paise from its previous close of 78.53 on Tuesday. The currency touched a high and low of 78.8950 and 78.7000 respectively.

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