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Forex Market: Indian rupee drops against US dollar, UAE dirham

Mumbai: The Indian rupee edged lower against the US dollar and the UAE dirham in the forex market. The sustained foreign fund outflows, firm crude oil prices, strengthening of the US dollar and a muted trend in Indian equities weighed upon the Indian currency.

At the interbank foreign exchange, the Indian rupee opened weak at 82.59 against the US dollar. During trading, it then fell to 82.66, registering a decline of 12 paise over its last close. On Wednesday, the Indian rupee appreciated 16 paise to close at 82.54 against the US dollar. The Indian rupee is trading at 22.52 against the UAE dirham.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.05% to 103.36. Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets as they offloaded shares worth Rs7.36 billion.

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