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Forex Market: Indian rupee slips sharply against US dollar

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.

Also Read: Commodity Market: Gold price surges marginally 

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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