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Rupee drops sharply against US dollar today, a day after rebounding strongly
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Broad strength in the US dollar and weak domestic equity markets pushed Indian rupee lower today. The rupee fell to 76.48 a dollar at day's low after opening at 76.30 per US dollar.
In comparison, the rupee had closed at 76.07 per USD in the previous session, rebounding strongly after sliding near 77 in the previous session.
Weighing on the rupee, domestic stock market index Sensex today was down about 400 points, tracking weak Asian markets. Foreign institutional investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth ₹114.58 crore on Thursday, as per provisional data.
Selloff by foreign investors is one of the biggest factors for the rupee's about 7% slide against the US dollar so far this year though
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