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Forex Market: Indian rupee slips sharply against US dollar

Mumbai: The Indian rupee declined sharply against the US dollar in the forex market. As per market experts, the Russian attack on Ukraine has weighed on the Indian currency. The sustained foreign fund outflows, negative opening of the Indian share market  and rising crude oil prices also weighed upon the domestic currency.

At the interbank foreign exchange, the rupee opened at 75.02 against the US dollar. During trading it then slipped  to 75.16, a decline of 55 paise from the last close. It is trading at 20.47 against the UAE dirham.

Also Read: Russia – Ukraine conflict results in stocks slumping and oil getting hot

The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.59% to 96.75.Foreign institutional investors remained net sellers in the Indian share market as they offloaded shares worth Rs3,417.16 crore.


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