Mumbai: The Indian rupee edged lower against the US dollar and UAE dirham in the forex market. As per market experts, the strengthening of the US dollar, rising crude oil prices and growing concerns over the Omicron variant of coronavirus and its impact on economic recovery has weighed upon the Indian currency.
At the interbank foreign exchange, the domestic currency opened weak at 74.49 against the US dollar. It fell to 74.54 against the US currency, registering a decline of 26 paise from the previous close. On Monday, the rupee settled at 74.28 against the US dollar. The Indian rupee is trading at 20.31 against the UAE dirham.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose by 0.04% to 96.25.