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Indian rupee declines against US dollar

Mumbai: The Indian rupee declined against the US dollar in the forex market. Sell-off in domestic equities and rising crude prices in global markets weighed on the domestic currency. However, weakening of the US dollar  against major rivals overseas supported the domestic currency and restricted the fall.

At the interbank foreign exchange, the local currency opened weak at 82.69 against the American currency, then lost ground further to 82.73, registering a decline of 11 paise over its previous close. The Indian rupee settled 13 paise higher at 82.62 against the US dollar on Monday.

Also Read; Commodity Market: Gold price remain firm 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, slipped 0.37% to 104.33. Foreign institutional investors were net sellers in the Indian capital market as they sold shares worth Rs 538.10 crore.

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