Mumbai: The Indian rupee depreciated against the US dollar in the forex market. As per market experts, the strengthening of the US dollar, muted opening of the Indian share market, dollar buying by banks on behalf of importers and rising crude oil prices weighed upon the domestic currency.
At the interbank foreign exchange, the Indian rupee opened weak at 74.36 against the US dollar. It then fell further to 74.43 against the American currency, registering a decline of 18 paise from the last close. On Monday, the Indian currency declined by 10 paise to close at 74.25 against the US currency.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, advanced by 0.11% to 95.36. Foreign institutional investors remained net sellers in the Indian share market, as they offloaded shares worth Rs 855.47 crore.
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