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Strong Greenback Leads Indian Rupee Depreciates Slightly Against US Dollar

The Indian rupee fell three pence versus the US dollar in the morning session on Wednesday.

The Indian rupee saw a slight depreciation of 3 paise against the US dollar in the morning session on Wednesday. 

This movement can be attributed to the strength of the American currency in overseas markets and a subdued trend in domestic equities.

Details:

  • The Indian rupee opened at 83.26 against the US dollar in the interbank foreign exchange.
  • During the initial trading sessions, it touched a low of 83.27, representing a 3-paise decline compared to its previous close.

Factors Behind the Rupee’s Performance:

  • The depreciation of the Indian rupee can be partly attributed to the strength of the US dollar in international markets. A robust US dollar often exerts pressure on other currencies.
  • Additionally, the muted trend in domestic equities may have contributed to the rupee’s slight decline.
  • Forex traders noted that persistent foreign fund outflows weighed the Indian currency. Capital outflows can impact the exchange rate.

The exchange rate and currency market can be influenced by various factors, including global economic conditions, market sentiment, and foreign investment flows. The Indian rupee’s performance in this context can vary daily.

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