Mumbai: The Indian rupee fell sharply against the US dollar in the forex market. The muted opening of the Indian share market has influenced the domestic currency.
At the interbank foreign exchange, the Indian rupee opened at 74.18 against the dollar. During trading it then inched lower to 74.19, registering a fall of 13 paise over its previous close. On Tuesday, the Indian currency settled at 74.06 against the US dollar.
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The dollar index, which measures the US currency’s strength against a basket of six currencies slipped down by 0.06% to 93.71. The foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs.1,957.70 crore.
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