Mumbai: The Indian rupee edged lower against the US dollar in the forex market. The strengthening of the US dollar, muted opening of the Indian equity market, sustained foreign fund outflows and firm crude oil prices weighed on the domestic currency.
At the interbank foreign exchange, the Indian rupee opened weak at 75.18 against the US dollar. During trading it then fell to 75.19, registering a decline of 41 paise from the last close. On Tuesday, the Indian rupee settled at 74.78 against the US dollar. The forex and equity markets were closed on Wednesday on account of Republic Day.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose by 0.15% to 96.61.Foreign institutional investors remained net sellers in the Indian share market on Tuesday, as they offloaded shares worth Rs 7,094.48 crore.
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