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 trend in the Indian share market and weakening of the American dollar has supported the local currency.

At the interbank foreign exchange, the India rupee opened at 73.78 against the American dollar, registering a rise of 16 paise from the last close. The Indian rupee had settled at 73.94 against the US dollar on Tuesday.

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Foreign institutional investors were net buyers in the Indian share market, as they purchased shares worth Rs 111.91 crore.