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Forex Market: Indian rupee slips against US dollar

Mumbai: The Indian rupee edged lower against the US dollar in the forex market. The strengthening of the US dollar, rising crude oil prices, sustained foreign fund outflows and heavy selling pressure in Indian equities weighed upon the domestic currency.

At the interbank foreign exchange, the Indian currency opened weak at 77.72 against the US dollar. During trading, it then touched at  77.71, registering a decline of 5 paise from the last close. On Monday, the  Indian rupee had closed at 77.66 against the US dollar.

Also Read: Commodity Market: Gold price edge lower

The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.15% to 102.59. Foreign institutional investors were net sellers in the Indian equity market as they offloaded shares worth Rs 2,397.65 crore.



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