Mumbai: The Indian rupee surged against the US dollar in the forex market. The weakening of the US dollar and heavy buying in domestic equities supported the local currency. But, the rising crude oil prices and sustained foreign fund outflows restricted the gain of the Indian rupee.
At the interbank foreign exchange, the Indian rupee opened at 78.24 against the US dollar. During trading, it then reached at 78.27, registering a gain of 6 paise over the last close. On Friday, the Indian rupee had closed at its all-time low of 78.33 against the US dollar.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, slipped 0.14% to 104.03. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 2,353.77 crore on a net basis.