The domestic currency, the Indian rupee had depreciated against the US dollar in the forex market. As per the market experts, the muted opening of Indian share market, surging Covid-19 cases in India and sustained foreign fund outflows has weighed upon the Indian rupee.
At the Interbank foreign exchange, the Indian rupee opened lower at 75.02 against the dollar. During trading the Indian rupee lost further ground and touched 75.06, registering a fall of 12 paise against US dollar . On Thursday, the Indian rupee had settled at 74.94 against the US dollar.
Foreign institutional investors (FIIs) remained net sellers in the capital markets and they pulled out Rs 909.56 crore. The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading lower by 0.15 per cent to 91.19.