Mumbai: The Indian rupee declined sharply against the US dollar in the forex market. The sustained foreign fund outflows, negative trend in domestic equities, weaker Asian currencies and rising crude oil prices weighed upon the local currency.
At the interbank foreign exchange, the Indian rupee opened at 75.78 against the US dollar. During trading it slipped to 75.82, registering a decline of 49 paise from the last close. On Monday, the rupee had settled at 75.33 against the US dollar. The forex market was closed on Tuesday on account of Mahashivratri.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.01% to 97.41. Foreign institutional investors remained net sellers in the Indian share market as they offloaded shares worth Rs 3,948.47 crore.
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