Rupee Vs. USD: Rupee opens 16 paise lower against the USD; hitting 10-months low

14 Aug 2023 , 10:48 AM

The Indian rupee starts the week 16 paise lower against the US dollar, hitting a 10-month low due to the US dollar’s strength and rising US Treasury yields. Rupee opens at 83.01 against the dollar, compared to the previous close of 82.85.

Foreign institutional investors (FIIs) selling in the domestic equity market contributes to the rupee’s decline. Indian benchmark indices, Sensex and Nifty, open lower due to weak global cues. Friday records FIIs selling Indian shares worth Rs 3,073.28 crore, while DIIs purchase shares worth Rs 500.35 crore, according to provisional data from exchanges.

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