Mumbai: The Indian rupee depreciated sharply and reached at a 16-month low against the US dollar in the forex market. As per the market experts, the sustained foreign found outflows, muted opening of the Indian equity market, growing concerns over the Omicron virus and interest rate hike by the US Federal Reserve has affected the Indian currency.
At the interbank foreign exchange market, the India rupee opened lower at 75.65 against the US dollar and during trading it reached at 75.68, registering a loss of 8 paise over its previous close. On Thursday, the domestic currency settled at 75.60.
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The dollar index, which measures the US dollar’s strength against the basket of six currencies, edged down by 0.09% to 96.18. Foreign investors were net sellers in the Indian share market and withdrew Rs 1,585.55 crore.
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