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Forex Market: Indian rupee recovers against US dollar, UAE dirham

Mumbai: The Indian rupee edged higher against the US dollar the UAE dirham in the forex market. The weakening of the US dollar, positive trend in the Indian equity market and fall in crude oil prices supported the upward rally of the Indian currency. As per market experts, markets could remain choppy ahead of the Reserve Bank of India’s MPC decision on Thursday.

At the interbank foreign exchange, the Indian  rupee opened at 74.7 against the dollar. During trading it then inched higher to  74.68, registering a rise of six paise from the last close. On Tuesday, the Indian rupee had settled at 74.74 against the  US dollar. The local currency is trading at 20.34 against the UAE dirham.

Also Read: Big Ticket Abu Dhabi: Keralite wins 500,000 UAE dirhams 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.11% lower at 95.53.


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