Mumbai: The Indian rupee surged against the US dollar and UAE dirham in the forex market. As per market analysts, the positive trend in the Indian share market supported the upward rally of the Indian currency. But the domestic currency is trading in a narrow range as investors are awaiting cues from the US Federal Reserve’s policy decision due on Wednesday.
At the Interbank foreign exchange, the domestic currency opened at 74.36 and during trading it moved upward and reached 74.35 against the US dollar, registering a gain of 7 paise. On Monday, the Indian rupee settled at 74.42 against the US dollar. The Indian rupee stood at 20.25 against the UAE dirham.
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The Dollar Index, which measures the currency’s strength against a basket of six currencies, slipped down by 0.05% to 92.60.
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