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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee gained against the US dollar in the forex market. Weakening of the American currency, firm trend in domestic equities, upbeat domestic trade deficit data and foreign fund inflows supported the Indian currency.

At the interbank foreign exchange, the domestic currency opened at 82.72 against the US dollar, then gained ground and touched 82.62, registering a rise of 21 paise over its previous close. On Wednesday, the Indian rupee settled at 82.83 against the US dollar.

Also Read: Commodity Market: Gold price edges lower sharply 

Meanwhile, the dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.25% to 103.66. India’s trade deficit in January fell to a 12-month low of $17.75 billion. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital market as they purchased shares worth  Rs 432.15 crore.



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