The domestic currency, the Indian rupee had surged against the US dollar in the forex market. As per market experts, the positive opening of the Indian share market and pullback in US treasury yields has supported the upward rally of the Indian rupee.
At the Interbank forex market, the Indian rupee opened at 72.97 against the US dollar, then inched higher to 72.88 against the US dollar , registering a rise of 5 paise over its previous close. On Tuesday, the rupee had settled 32 paise higher at 72.93 against the US dollar.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.23 per cent to 92.16. Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,801.87 crore. The dollar-rupee March contract on the NSE was at Rs 73.14 in the last session.