Mumbai: The Indian rupee depreciated against the US dollar in the forex market. As per market experts, the rising crude oil prices, firm US dollar and weak opening of the Indian share market weighed upon the Indian currency. Most of the Asian currencies declined due to the firm performance of the US dollar and the rising number of coronavirus cases.
At the Interbank Foreign Exchange, the domestic currency opened at 74.73 against the US dollar. During trading, the Indian currency slipped further and reached 74.77, registering a loss of 20 paise. On Friday, the local currency settled at 74.57 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies surged by 0.02% to 92.70. The foreign institutional investors were net sellers in the Indian share market and they offloaded shares worth Rs 466.30 crore.
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