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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee gained against the US currency in the forex market. The weakening of the US dollar has supported the upward rally of the local currency. But the negative trend in the Indian equity market weighed on the local currecny and restricted the gains.

At the interbank foreign exchange, the domestic currency opened at 81.26 against the US dollar. During trading,  it then gained to 81.25, registering a rise of 8 paise over its previous close. On Friday, the Indian rupee had settled down by 7 paise at 81.33 against the dollar.

Also Read: Remittances to India surge by 12% in 2022 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.37% to 104.15. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets as they purchased shares worth  Rs 214.76 crore.



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