In the Forex market the domestic currency Indian rupee has slipped against the US Dollar.
As per the market experts the reason for the downfall of Indian rupee is the rising crude oil price and the demand for US dollar in the global market. The weak opening of Indian share market also weighed upon the Indian rupee.
At the Interbank Foreign Exchange the Indian rupee opened at 71.60 and then slipped to 71.71 against the US dollar registering a loss of 17 paise. The Indian rupee has settled trading on Tuesday at 71.54 against US dollar.
Meanwhile, ‘Dollar Index’ which measures the strength of the US currency against the basket of six currencies rose by 0.02% to 98.31.
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