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Forex Market: Indian rupee slumps against the US dollar

Mumbai: The Indian rupee edged lower against the US dollar in the forex market. The sustained foreign fund outflows and strengthening of the US dollar has weighed upon the domestic currency.

At the interbank foreign exchange, the rupee opened at 76.60 against the US dollar. During trading it then reached at 76.67 against the US dollar, lower by 10 paise. On Wednesday, the Indian rupee had settled almost flat at 76.57 against the US dollar.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.37% higher at 103.34. Foreign institutional investors were net sellers in the Indian share market, as they offloaded shares worth Rs 4,064.54 crore.

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