Forex Market: Indian rupee depreciates against US dollar, UAE dirham

Mumbai: The Indian rupee slipped down against the US dollar and UAE dirham. The heavy selling in the Indian share market and the concern over the new Omicron Covid-19 variant has weighed upon the domestic currency.

At the interbank foreign exchange level, the rupee opened higher by five paise at 74.84 against the US dollar and later edged higher to 74.82. But the Indian currency slipped down later and reached at 74.98 against the US dollar, lower by 9 paise. The Indian rupee is trading at 20.43 against the UAE dirham. On Friday, the rupee had dipped by 37 paise or 0.50% against the US dollar to settle at a nearly month’s low of 74.89.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose by 0.19% 96.27. Foreign institutional investors were net sellers in the Indian share market they offloaded shares worth Rs 5,785.83 crore.