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Forex Market: Indian rupee depreciates against US dollar, UAE dirham

Mumbai: The Indian currency dropped against the US dollar and the UAE dirham in the forex markets. The concern over rising Omicron Covid-19 vases, sustained foreign fund outflows and muted opening of the Indian share market weighed upon the Indian rupee.

At the interbank foreign exchange, the Indian rupee opened at 76.13 and then slipped down to 76.16, lower by 9 paise against the US dollar. The domestic currency is trading at 20.74 against the UAE dirham. Last week, the rupee recorded its fourth weekly decline. Market experts, are of the view that forex markets may stay calm in the coming week.

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The US dollar index, which measures the US currency’s strength against the basket of six currencies, rose 0.05% to 96.61.

 

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