Mumbai: The Indian rupee edged lower against the US dollar and UAE dirham in the forex market. The strengthening of the US dollar and negative opening of the Indian share market has weighed upon the Indian currency.
At the interbank foreign exchange, the rupee opened on a weak note at 74.44. During trading it then slipped down to 74.54 against the dollar, registering a decline of 20 paise from Wednesday’s close. Indian rupee is trading at 20.31 against the UAE dirham. On Wednesday, the rupee had closed at 74.34 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies,Surged by 0.10% to 94.94. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 469.50 crore.
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