In the forex market, the domestic currency Indian rupee has slipped down against the US dollar in the early hours of trade. The Indian currency has slipped by 17 paise to reach at 71.72 against the US dollar.
At the Interbank Foreign Exchange, the Indian rupee today opened weak at 71.65 and then slipped to 71.72 lowering 17 paise against the US dollar. The Indian rupee has settled trading against the US dollar at 71.55 on Wednesday.
The main reason for the downfall of the Indian currency was the weak performance of the Indian equity market and the foreign fund outflow.
The Dollar Index, which gauges the US currency’s strength against a basket of six currencies has remained firm at 98.29.
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