Mumbai: The Indian rupee declined against the US dollar in the forex market. The strengthening of the US dollar, muted opening of the Indian share market, sustained foreign fund outflows, geopolitical tensions and rising crude oil prices weighed upon the local currency.
At the interbank foreign exchange, the Indian rupee opened flat at 74.60 against the US dollar. During trading it then slipped to 74.67, registering a decline of 7 paise from the last close. On Monday, the Indian rupee had settled at 74.60 against the US dollar. The Indian currency is trading at 20.34 against the UAE dirham.
The dollar index, which measures US dollar’s strength against a basket of six currencies, rose by 0.04% to 95.95. Foreign institutional investors remained net sellers in the Indian equity market, as they offloaded shares worth Rs 3,148.58 crore.