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

Mumbai: The Indian rupee edged lower against the UAE dirham and US dollar in the forex market. The sustained foreign fund outflows has put pressure on the local currency. The positive opening of the Indian equity market and sliding crude oil prices restricted the downfall of the Indian currency.

At the interbank foreign exchange, the Indian rupee opened strong at 75.38. During trading it slipped down to 75.49 against the dollar, lower by 5 paise. The Indian rupee is trading at 20.56 against the UAE dirham. On Tuesday, the local currency settled at 75.44 against the US dollar.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies fell 0.22% to 96.16. Foreign institutional investors remained net sellers in the Indian share capital market, pulling out Rs 2,584.97 crore.