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

Mumbai: The Indian rupee edged higher against the US dollar and UAE dirham in the forex market. The positive trend in the Indian equity market supported the domestic currency on the first trading day of the financial year 2022-23.

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At the Indian interbank foreign exchange, the Indian rupee opened lower at 75.77 against the US dollar. During trading it reached at  75.71, up by  3 paise over its previous close. It is at 20.62 against the UAE dirham. On Thursday, the last trading session of fiscal year 2021-22, the Indian rupee surged by 16 paise to close at 75.74 against the dollar. The Indian rupee, however, closed 2021-22 fiscal with overall losses of 3.61% or 264 paise against the American currency due to a stronger dollar and surging crude oil prices. The forex market was closed on Friday for the annual account closing of banks.

The  dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.06% to 98.57.


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