Mumbai: The Indian rupee edged lower against the US dollar and the UAE dirham in the forex market. The negative trend in the Indian share market and strengthening of the US dollar weighed upon the domestic currency. The lower crude oil prices supported the local currency from a sharp downfall.
At the interbank foreign exchange, the Indian rupee opened unchanged at 78.13 against the US dollar. During trading, it then reached at 78.17, registering a decline of 4 paise over the last close. On Tuesday, the Indian rupee had closed at 78.13 against the US dollar. The local currency is trading at 21.29 against the UAE dirham.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.17% to 104.61.Foreign institutional investors remained net sellers in the Indian share market as they offloaded shares worth Rs 27 billion.
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