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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee appreciated against the US dollar in the forex market. As per market experts, the pullback in global crude prices supported the local currency. But, the negative trend in the Indian equity market and strengthening of the US dollar weighed upon the domestic currency.

At the interbank foreign exchange, the Indian rupee opened strong at 76.48. During trading, it  gained further ground and reached at  76.44 against the American dollar, registering a rise of 6 paise from the last close. On Friday, the Indian rupee had settled at 76.50 against the US dollar.

Also Read: Stock Market: Sensex, Nifty end lower 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, surged 0.43%to 103.40. Foreign institutional investors remained net sellers in the Indian capital market, as they offloaded shares worth Rs 3,648.30 crore.

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