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Forex Market: Indian rupee ends high

The Indian rupee had ended higher by 27 paise at 73.11 against the US dollar on Wednesday. On Tuesday the Indian rupee had ended at 73.38. Indian currency market had remained shut on April 1 on account of annual bank closing.

The dollar’s index which measures the US dollar strength against a basket of six currencies last stood at 93.209. The dollar index has touched a five-month high of 93.439.

Also Read: Sensex, Nifty ends higher 

“Despite a truncated week, the forex market has been very volatile. The spot breached 73 on the back of uptrend in dollar. The market focus is on Biden’s additional stimulus announcement and an additional spending boost will further support the dollar rally. But the best thing to do for now is to follow the trend and let the market tell you where it’s going to end” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.

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