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