Mumbai: The Indian rupee edged lower against the US dollar in the forex market. Strengthening of the US dollar, negative trend in the Indian equity market, US Federal Reserve’s interest rate hike and its hawkish stance dented investor sentiments.
At the interbank foreign exchange, the domestic currency opened sharply lower at 82.63 against the US dollar. During trading, it then slipped further to 82.64, a decline of 15 paise over its previous close. On Wednesday, the Indian rupee settled 11 paise higher at 82.49 against the US dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, rose 0.08% to 103.85. Foreign institutional investors (FIIs) were net buyers in the Indian capital markets as they bought shares worth Rs372.16 crore.
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