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Forex Market: Indian rupee inches up against US dollar and UAE dirham

Mumbai: The Indian rupee appreciated against the US dollar and UAE dirham in the forex market. The positive trend in the Indian equity market and weakening of the US dollar supported the upward rally of the local currency, but, the rising crude oil prices and sustained foreign fund outflows capped the gain of the domestic currency.

At the  interbank foreign exchange, the Indian rupee opened at 77.54 against the American dollar. During trading, it reached at  77.52, registering a rise of 3 paise over the previous close. On Wednesday, the Indian rupee settled at 77.55 against the American currency. Indian rupee is trading at 21.12 against the UAE dirham.

Also Read: Commodity Market: Gold price trade lower 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.04% lower at 102.01. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 18.03 billion.



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