Mumbai: The Indian rupee edged lower against the US dollar and UAE dirham in the forex market. As per market experts, the muted opening of the Indian share market and strengthening of the US dollar has weighed upon the domestic currency.
At the interbank foreign exchange, the rupee opened on a weak note at 74.55, registering a decline of 15 paise over its previous close. On Wednesday, the Indian currency settled lower at 74.40 against the US dollar. Indian rupee is trading at 20.31 against the UAE dirham.
The dollar index, which measures the US currency’s strength against a basket of six currencies, fell 0.14% to 96.74. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 5,122.65 crore.