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Forex Market: Indian rupee recovers 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 US dollar has supported the local currency.

At the interbank foreign exchange, the Indian rupee opened at 76.08 against the US dollar. During trading it then reached at 75.99, registering a gain  of 19 paise from the previous close. On Tuesday, the rupee had settled flat at 76.18 against the American currency.

Also Read: Commodity Market: Gold price falls sharply 

The dollar index, which measures the US dollar’s  strength against a basket of six currencies, declined 0.02% to 98.47. Foreign institutional investors emerged as net buyers in the Indian share  market, as they purchased shares worth Rs 384.48 crore, according to stock exchange.

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