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Forex market: Indian rupee surges against US dollar

The domestic currency, the Indian rupee had gained against the US dollar in the early hours trading in forex market. Sustained foreign fund inflows, positive opening of Indian share market and weakening of US dollar has supported the upward rally of Indian rupee.

At the interbank forex market, the Indian rupee opened higher by 6 paise at 73.44 per dollar. On December 28, the Indian rupee ended marginally higher at 73.50 per dollar against Thursday’s close of 73.54.

Also Read: India’s foreign exchange reserves touches record high 

Foreign institutional investors have invested $22.56 billion in Indian shares in 2020 so far, the highest since 2012. Last year, FIIs were net buyers of Indian equities worth $14.23 billion.

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