The Indian rupee weakened against the US dollar on Thursday, closing at 84.49, influenced by a downturn in domestic equities and a strengthening dollar globally. Crude oil prices offered some support, limiting the rupee’s decline.
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Russian funds held in Indian rupee vostro accounts have halved over the past year as Russia actively invests in India and makes purchases using the Indian currency. This development reflects the growing economic ties between the two countries and the increasing use of local currencies in bilateral trade.