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Forex Market: Indian rupee edges higher against US dollar

Mumbai: The Indian rupee edged higher against the US dollar in the forex market. The positive opening of the Indian share market has supported the Indian currency. But the domestic currency is trading in a narrow range as rising crude oil prices, strengthening of the US dollar and weakness of Asian currencies is weighing upon it.

At the interbank foreign exchange, the Indian rupee opened at 73.79 against the dollar. During trading it edged higher to 73.75, higher by 8 paise over its previous close. On Monday, the rupee had settled at 73.83 against the US dollar.

Also Read: Commodity Market: Gold price slips down marginally 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, rose 0.06% to 93.44. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 594.63 crore.


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