Mumbai: The Indian rupee plunged against the US dollar and UAE dirham in the forex market. The strengthening of the US dollar in the global markets, rising crude oil prices and muted opening of the Indian share market has weighed upon the Indian currency.
At the interbank foreign exchange, the Indian currency opened at 74.63, lower by 32 paise against previous close. On Monday, the domestic currency settled at 74.31 against the US currency. The Indian rupee is trading at 20.23 against the UAE dirham.
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The dollar index, which measures the American currency’s strength against a basket of six currencies surged 0.22% to 93.98. In the Indian share market, the foreign institutional investors were net buyers as they purchased shares worth Rs 860.50 crore.
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