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Forex Market: Indian rupee gain against US dollar and UAE dirham

Mumbai: The Indian rupee surged against the UAE dirham and the US dollar in the forex market. The expectations over the  monetary policy decision to be announced by the Reserve Bank of India has supported the domestic currency. But, the negative trend  in the Indian equity markets, surging crude oil prices and sustained foreign fund outflows capped the gain of the domestic currency.

Also Read: Reserve Bank of India increases key lending rates 

At the  interbank foreign exchange, the Indian rupee opened strong at 77.70 against the US dollar. During trading, it then gained further and reached at  77.69, registering a rise of 9 paise over the last close. It is trading at 21.16 against the UAE dirham. On Tuesday, the Indian rupee had closed at a record low of 77.78 against the US dollar.


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