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Forex Market: Indian rupee declines against US dollar

Mumbai: Indian rupee declined against the US dollar in early trade on Thursday. The  strengthening dollar against overseas currencies and an increase in crude oil prices weighed upon the Indian currency.

At the interbank foreign exchange, the local currency opened at 83.66, down 8 paise from its previous close of 83.58 against the American currency. It slipped further to 83.69, 11 paise lower from Wednesday’s closing rate.

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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, rose marginally by 0.03 per cent to 100.93. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 973.94 crore.

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