Mumbai: The Indian rupee edged lower against the American currency in the forex market. As per market experts, the expectation over a possible rate hike by the US Federal Reserve has weighed upon the local currency.
At the interbank foreign exchange, the Indian currency opened at 79.05 against the American dollar. During trading it then reached at 79.06, registering a fall of 12 paise from the last close. The Indian rupee closed at 78.94 against the US dollar on Wednesday.
The dollar index, which measures American Currency’s strength against a basket of six currencies, was trading 0.21% higher at 106.87. Foreign institutional investors were net sellers in the Indian equity market as they offloaded shares worth Rs 330.13 crore.