Mumbai: The Indian rupee surged against the US dollar in the forex market. The easing of crude oil prices supported the domestic currency. But, the sustained foreign funds outflows weighed upon the local currency.
At the interbank foreign exchange, the Indian rupee opened at 78.97 against the US dollar. It then rebound and reached at 78.88, registering a gain of 16 paise against the American currency. At the end of trading the local currency ended higher at 78.95 against the US dollar.
On Friday, the local currency settled at 78.94 against the US dollar. The Indian currency is at 21.53 against the UAE dirham.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, was at 105.14. Foreign institutional investors remained net sellers in the Indian share market as they offloaded shares worth Rs 2,324.74 crore.