Mumbai: The Indian rupee slipped down against the other currencies in the forex market. The strengthening of the US dollar and negative opening of the Indian share market has weighed upon the Indian rupee.
At the interbank foreign exchange, the Indian currency opened on a weak note at 74.11. During trading it then dipped to 74.16, registering a decline of 11 paise from the last close. On Tuesday, the Indian rupee had closed at 74.05 against the US currency. The Indian rupee is trading at 20.20 against the UAE dirham.
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The dollar index which measures US currency’s strength against a basket of six currencies rose by 0.08% to 94.03. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 2,445.25 crore.
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