Mumbai: The Indian rupee slipped down in the forex market. The muted opening of the Indian share market, rising crude oil prices capped the surge of the local currency. Forex traders said the Indian rupee is trading in a narrow range ahead of the US Federal Reserve meeting later this week.
At the interbank foreign exchange, the Indian rupee opened weak at 74.43 against the US dollar. It then slipped further to 74.52 against the US currency, registering a decline of 5 paise from the last close. On Friday, the Indian rupee had settled at 74.43 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose by 0.08% to 95.72. Foreign institutional investors remained net sellers in the Indian equity market , as they offloaded shares worth Rs 3,148.58 crore.
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