The Indian rupee closed 1.9 per cent higher at 47.72 against the US dollar on November 4. During the day, it rose to 47.25-the most in a decade-as the stock markets extended its gains and some FII inflows into India. FIIs were net buyers $188.8 million in equity on November 3. The rupee had closed at 48.58 on Monday. Despite a rally today, Macquarie expects rupee to remain weak against the US dollar in the near term.
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