Mumbai: The Indian rupee edged lower against the US dollar in the forex market. The demand for US dollar from banks and importers has weighed upon the Indian rupee. But the positive opening of the Indian share market and weakening of the US dollar supported the Indian rupee and blocked its downfall.
At the interbank foreign exchange, the Indian rupee opened on a weak note at 73.70. During trading, it inched lower to 73.73, down by 5 paise against the US dollar over its previous close. On Friday, the domestic currency settled at 73.68 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell by 0.11% to 93.22. Foreign institutional investors were net buyers in the Indian share market as they purchased shares worth Rs 442.49 crore.
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