The rupee weakened sharply against the dollar on Wednesday as concerns of tensions between US and China sparked by US speaker Nancy Pelosi's visit to Taiwan eroded risk appetite.
It send investors rushing to the safety of the greenback, this was said by the dealers. The domestic currency also suffered against the dollar as exporters made a dash to lock in purchases of the greenback.
The rupee settled at 79.16 to a dollar against 78.71 on the previous day. In 2022, the rupee has weakened 6% against the dollar
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