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Forex Market: Indian rupee surges against US dollar

Mumbai: The Indian rupee surged against the US dollar in the forex market. As per the market experts, the decline in crude oil prices, positive trend in the Indian share market and weakening of the US dollar supported the Indian currency.

At the interbank foreign exchange, the Indian rupee opened at 75.96 against the US dollar. During trading it then reached to  75.89, up by 32 paise from the previous close. On Wednesday, the Indian rupee surged  by 41 paise to close at a nearly two-week high of 76.21 against the US dollar.

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The dollar index, measures the US currency’s strength against a basket of six currencies, declined 0.24% to 98.38. Foreign institutional investors emerged  as net buyers in the Indian share market as they purchased shares worth Rs 311.99 crore.


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