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Rupee strengthens against US dollar on Friday
Aug-05-2022
Indian rupee strengthened against the US dollar on Friday, tracking firm domestic equities amid persistent foreign fund inflows into the capital markets, while softening crude oil prices also boosted the local currency. Foreign institutional investors remained net buyers in the capital market on Thursday as they purchased shares worth Rs 1,474.77 crore, exchange data showed. Although, the RBI-led Monetary Policy Committee increased the repo rate by 50 bps to take it to pre-pandemic levels, as the monetary authority seeks to bring down inflation to its comfort band and in line with policy tightening by key central banks. 

The partially convertible currency is currently trading at 79.03, stronger by 37 paise from its previous close of 79.40 on Thursday. The currency touched a high and low of 79.17 and 78.94 respectively.

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