In the Forex market the domestic currency Indian rupee has slipped down. The Indian currency slipped down against the US dollar in the early hours of trade.
The main reason for the downfall of the local currency according to the market experts is the increasing demand for the US dollar and the rising crude oil price.
At the Interbank Foreign Exchange the Indian rupee opened on a strong note at 70.37 against the US currency and then slipped down to 70.63 against the US dollar registering a loss of 7 paise. The Indian rupee on Friday has closed at 70.56 against the US dollar.
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