Mumbai: The Indian rupee edged lower against the US dollar and UAE dirham in the forex market. The muted opening of the Indian share market, the strengthening of the US dollar, sustained foreign fund outflows, rising crude oil price and concerns over the Omicron Covid variant has weighed upon the domestic currency.
At the interbank foreign exchange, the Indian rupee opened weaker and was trading at 75.22, lower by 10 paise against the US dollar. The Indian rupee is trading at 20.49 against the UAE dirham. On Friday, Indian currency had settled at 75.12 against the US currency.
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The dollar index which measures the US currency’s strength against a basket of six currencies surged 0.17%to 96.28. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 3,356.17 crore.
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