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Forex Market: Indian rupee depreciates against US dollar

Mumbai: The Indian rupee slipped down against the US dollar and UAE dirham in the forex market. The strengthening of the US dollar, rising crude oil prices  and sustained foreign fund outflows weighed upon the domestic currency. The positive opening of the Indian equity market restricted the Indian currency’s fall.

At the interbank foreign exchange, the Indian rupee opened at 77.50, lower by 6 paise against the US dollar. It is trading at 21.11 against the UAE dirham.  On Tuesday, the local currency settled at 77.44 against the American currency.

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The dollar index, which measures the US currency’s  strength against a basket of six currencies, was trading 0.11% higher  at 103.47.


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