Mumbai: The domestic currency, Indian rupee edged lower against the UAE dirham and the US dollar in the forex market. As per the market experts, the strengthening of the US dollar, negative trend in the Indian share market, sustained foreign fund outflows and the rising crude oil prices weighed upon the local currency.
At the interbank foreign exchange, the Indian rupee opened lower at 79.55 against the American dollar. During trading, it slipped further and reached at 79.58, a decline of 13 paise over its last close. Indian rupee is trading at 21.63 against the UAE dirham. On Monday, the local currency had closed at an all-time low of 79.45 against the US dollar.
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The dollar index, which gauges measures the US currency’s strength against a basket of six currencies, gained by 0.27% to 108.31.Foreign institutional investors remained net sellers in the Indian share market as they sold shares worth Rs 170.51 crore.
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