The domestic currency, the Indian rupee had opened lower against the US dollar in the forex market. As per market experts, the selling trend in the Indian share market and the strengthening of US dollar has weighed upon the Indian rupee.
In the Interbank forex market, the Indian rupee opened 21 paise lower at 73.59 against the US dollar. During trading it reached at 73.49 lower by 11 paise against US dollar On Tuesday, the Indian rupee had settled at 73.38 against the US dollar.
The dollar index, which measures the US dollar’s strength against a basket of six currencies has edged up by 0.07% to 93.35. The dollar-rupee April contract on the NSE was at Rs 73.83 in the last session, gaining more than 1%. The open interest increased by almost 12% for the April series.