Mumbai: The Indian rupee slipped down sharply in the forex market. The concerns over the new variant of Covid-19, negative opening of the Indian share market, sustained foreign fund outflow and strengthening of the US dollar has weighed upon the domestic currency. The Indian currency has dropped to its lowest level in three weeks on Friday.
At the interbank foreign exchange, the rupee opened on a weak note at 74.60. During trading it inched lower again and reached at 74.68 against the US dollar, registering a decline of 16 paise from the last close. On Thursday, the rupee had closed at 74.52 against the US dollar.
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The dollar index, measures the US currency’s strength against a basket of six currencies, fell by 0.05% to 96.72. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 2,300.65 crore.
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