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Forex Market: Indian rupee slips down against US dollar

Mumbai:  The Indian rupee slipped down against the US dollar in the forex market. As per market experts, the demand for dollar from oil importers, rising inflation and firm crude oil prices weighed upon the local currency.

At the interbank foreign exchange, the Indian rupee opened at 79.91 against the US dollar. During trading,  it then fell to 79.96, registering a decline of 4 paise over the last close. On Tuesday, the Indian rupee recovered from its all-time low of 80.05 to close 6 paise higher at 79.92 against the US dollar.

Also Read; Commodity Market: Gold price surge marginally 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, was down 0.13% at 106.5. Foreign institutional investors remained net buyers in the Indian share market as they purchased shares worth Rs 976.40 crore.


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