In the forex market the domestic currency the Indian rupee surged against the US dollar and the UAE dirham. As per the market experts, the weakening of US dollar and positive opening of Indian share market has supported the Indian rupee. Meanwhile, the sustained foreign fund outflows and concerns over rising Covid-19 cases weighed upon it.
At the Interbank Foreign Exchange, the Indian rupee opened at 74.94 against the US dollar, then gained further ground and touched 74.91 against the US dollar, up 11 paise over its previous close. It had settled at 75.02 against the US dollar.
The Indian rupee is trading at 20.42 against the UAE dirham.
The ‘dollar index’, which measures the US dollar ’s strength against a basket of six currencies, fell % to 96.26.