Mumbai: The Indian rupee depreciated against the US dollar in the forex market due to strengthening of the US currency, negative trend in the Indian equity markets and sustained foreign fund outflows.
At the interbank foreign exchange, the Indian rupee opened lower at 76.36 against the US dollar. During trading it then reached at 76.35, down by 11 paise from the previous close. On Friday, the domestic currency had settled at 76.24 against the US dollar.
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The dollar index, which measures the US currency’s strength against a basket of six currencies, surged 0.31%to 99.12. Foreign institutional investors (FPI) remained net sellers in the Indian equity market as they sold shares worth Rs 1,507.37 crore. FPIs have pulled out a net Rs 1, 14,855.97 crore from the Indian markets in the current year so far. They have sold shares worth Rs 48,261.65 crore so far this month.
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