Mumbai: The Indian rupee declined sharply against the US dollar and UAE dirham, in the forex market. The strengthening of the American currency and the rising crude oil price has weighed upon the Indian currency.
At the interbank foreign exchange, the domestic currency opened weak at 74.63. During trading it then slipped further to 74.65, lower by 21 paise from its previous close. On Tuesday, the Indian currency settled at 74.44 against the US dollar. The Indian rupee is at 20.34 against the UAE dirham.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.14% to 94.11. Meanwhile, the international rating agency, Moody’s Investors Service kept India’s sovereign rating at its lowest investment grade ‘Baa3’.
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