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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee appreciated against the US dollar and UAE dirham in the forex market. As per market experts, the softer crude oil prices and expectations  of a diplomatic solution to the Russia-Ukraine crisis has supported the upward rally of the domestic currency.

At the interbank foreign exchange, the Indian rupee opened at 74.51 against the US dollar.  It then edged higher to 74.44 against the American currency, higher by 22 paise. The local currency is trading at 20.28 against the UAE dirham. Indian rupee settled at 74.66 on Friday.

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The dollar index, which measures the US dollar’s strength against a basket of six currencies, edged lower by 0.21% to 95.84. Foreign investors remained net sellers in Indian share markets as they sold equities worth Rs 2,529.96 crore.

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