Mumbai: The Indian rupee slipped down against the US dollar in the forex market. The strengthening of the US dollar has weighed upon the Indian currency. The sustained foreign fund inflows and positive opening of the Indian share market has supported the local currency from downfall.
At the interbank foreign exchange, the Indian rupee opened at 73.70 against the dollar. During trading, it then slipped again and reached at 73.72, registering a decline of 11 paise. On Tuesday, the Indian currency settled at 73.61 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.08% to 93.27. Foreign institutional investors were net buyers in the Indian share market as they purchased shares worth Rs 1,041.92 crore.
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