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Forex Market: Indian rupee crosses 81-mark against US dollar

Mumbai: The Indian rupee crossed 81-mark against the US currency. The rate hike by the US Federal Reserve has weighed upon the local currency. The strengthening of the  American currency in the overseas market, a negative trend in domestic equities and escalation of geopolitical risk in Ukraine also weighed upon the Indian currency.

At the Interbank foreign exchange, the domestic currency opened at 81.0875, lower by 23 paise  against the  US dollar. The Indian rupee is trading at 81.23, registering a fall of 44 paise over its previous closing. The Indian rupee declined 83 paise to settle at 80.79 against the US dollar. This is  the biggest single-day loss of Indian rupee in nearly seven months.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies, surged 0.05% to 111.41.Foreign institutional investors were net sellers in the Indian capital market as they offloaded shares worth Rs 2,509.55 crore.

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