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Forex Market: Indian rupee weakens against US dollar

In the forex market, the domestic currency Indian rupee has weakened against the US dollar.

As per market experts, the sustained foreign fund outflows, the negative opening in the Indian share market and strong performance of US dollar against other global currencies has weighed upon the Indian rupee. But the easing crude oil prices has supported the Indian rupee.

At the Interbank Foreign Exchange, the Indian rupee opened at 71.42 lower 10 paise against the US dollar. The Indian rupee has settled at 71.32 against the US dollar on Monday.

The ‘Dollar Index’, which measures the US currency’s strength against a basket of six currencies has rose by 0.17% to 99.16.

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