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Rupee weakens against US dollar on Monday
Jan-30-2023
Indian rupee weakened against the US dollar in early trade on Monday, weighed down by lackluster trade in Indian equities following sell-off in most of Adani Group stocks as well as foreign fund outflows. Data showed that Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Friday as they offloaded shares worth Rs 5,977.86 crore. Meanwhile, investors are focusing on the Union Budget and the US Federal Reserve's monetary policy decision. Moreover, dollar demand from importers also weighed on rupee sentiments. However, RBI said India's forex reserves increased by $1.727 billion to $573.727 billion in the week ended January 20.

The partially convertible currency is currently trading at 81.72, weaker by 13 paise from its previous close of 81.59 on Friday. The currency touched a high and low of 81.72 and 81.6450 respectively.

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