Mumbai: The Indian rupee edged lower against other currencies in the forex market. According to market experts, as hawkish stance of the US Federal Reserve affected investor sentiments in emerging markets and bolstered the American currency. The rising crude oil prices also weighed upon the domestic currency.
At the interbank foreign exchange, the Indian rupee opened lower at 75.88 against the US dollar. During trading it then slipped to 75.99, registering a decline of 15 paise over its previous close. The local currency is trading at 20.7 Against the UAE dirham. On Wednesday, the rupee shed 55 paise, its steepest single-day fall in a month, to close at a one-week low of 75.84 against the US dollar.
The dollar index, which measures US currency’s strength against a basket of six currencies, slipped 0.05% to 99.54. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 2,279.97 crore.