Mumbai: The domestic currency surged against the US dollar in the forex market. The positive trend in the Indian equity market supported the Indian rupee.
At the interbank foreign exchange, the Indian rupee opened higher at 74.15 against the American dollar. During trading it then inched lower to 74.16, registering a rise of 18 paise from the last close. On Friday, the local currency settled at 74.34 against the US dollar. The Indian rupee is trading at 20.20 against the UAE dirham.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, strengthened by 0.20% to 95.91. Foreign institutional investors were net buyers in the Indian equity market, as they bought shares worth Rs 496.27 crore.