Rupee weakens to record low against US dollar on Thursday
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Indian rupee weakened to a record low against the US dollar on Thursday following sell-off in domestic equities and stronger American currency overseas. Further, persistent foreign fund outflows also dampened sentiments. Foreign Institutional Investors (FIIs) were net sellers in the capital markets as they offloaded shares worth Rs 453.91 crore on Wednesday, exchange data showed. Rupee slipped further on fears over the US Federal Reserve’s aggressive interest rate hikes to combat persistently high inflation, which could lead the economy into recession.
The partially convertible currency is currently trading at 83.18, weaker by 18 paise from its previous close of 83.00 on Wednesday. The currency touched a high and low of 83.2050 and 83.0250 respectively.
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