Mumbai: The Indian currency edged higher against the US dollar in the forex market. The concern over the rising inflation has weighed upon the domestic currency.
At the interbank foreign exchange, the Indian rupee opened at 78.02 against the dollar, registering a rise of 2 paise over its previous close. The local currency is trading at 21.25 against the UAE dirham. On Monday, the Indian rupee depreciated by 11 paise to close at an all-time low of 78.04 against the US dollar.
The dollar index, which measures the US currency’s strength against a basket of six currencies, rose 0.01% to 105.08. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 4,164.01 crore.