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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian surged against the US dollar in the forex market. As per market experts, the positive trend in the Indian share market supported the upward rally of the local currency. But the growing concerns over the Omicron variant of coronavirus and its impact on economic recovery as well as firm crude oil prices weighed on the domestic currency.

At the interbank foreign exchange, the rupee opened up at 74.41 against the American dollar. During trading it then inched higher to 74.31, registering a rise of 11 paise from the last close. On Thursday, the Indian rupee settled at 74.42 against the US dollar.

Also Read: Commodity Market: Gold price falls sharply

The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.11% lower at 96.21. Foreign institutional investors were net sellers in the Indian share market as they offloaded shares worth Rs 1,926.77 crore.


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