Mumbai: The Indian rupee inched higher against the US dollar in the forex market. The easing crude oil prices supported the upward rally of the domestic currency.
At the interbank foreign exchange, the Indian rupee opened at 78.26 against the American dollar. During trading, it then inched higher to reach at 78.23, registering a rise of 9 paise from the previous close. On Wednesday, the local currency declined by 19 paise to settle at an all-time low of 78.32 against the US dollar. The domestic currency is at 21.31 against the UAE dirham.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.05% lower at 104.14. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 2,920.61 crore.