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Indian rupee snaps rising streak on hawkish Fed, oil rise
MUMBAI: The Indian rupee weakened this week as rising oil prices and growing expectations of a more hawkish Federal Reserve offset support from improving foreign portfolio inflows, stalling the currency’s recovery. The Indian rupee closed at 94.24, down 0.2% from its previous close and 0.3% week-on-week. A pickup in foreign portfolio flows helped lift the currency to an over six-month high earlier in the week. Overseas investors have net bought over $8 billion of Indian stocks over November so far, with another $800 million pouring into local debt. The market is keeping a keen eye on signs of ...
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