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Indian Rupee has weakened to breach the 90-mark against the US dollar due to persistent FII outflows and banks buying dollars.
The rupee faces pressure from import dollar demand, external tariff concerns, and anticipation of US inflation data.
This is the first time the rupee has breached the 88-mark against the greenback.
Equity markets too end on a high.
India and the US are in advanced discussions to finalise the first phase of a bilateral trade agreement, aiming to address market access and tariff-related issues.
The price of 18-karat gold also rose by ₹75 in the afternoon to ₹7,295 per gram
Forex traders said continued foreign investor interest in Indian assets provided fundamental support to the local unit.
They said the currency exchange markets globally faced extreme volatility as investors tried to escape risks,
US President Donald Trump's tariff escalation sent shivers across the global markets, dragging down the US dollar.
Finance Minister Nirmala Sitharaman on Tuesday asserted that the currency fluctuations have affected almost all major global economies, with the dollar index surging by 6.5% from October last year to January this year. Sitharaman highlighted this trend while responding to concerns over the recent
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