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Forex Market: Indian rupee rises against US dollar

Mumbai: The Indian currency stayed on the upward track for the second straight session. Sustained inflow of foreign capital and firm equity markets supported the Indian rupee.  But, the local currency faced resistance due to a stronger American currency and higher crude oil prices overseas.

At the interbank foreign exchange market, the local currency opened strong at 83.39 and gained further to 83.34 against the US dollar in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close. On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.90. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Tuesday, as they purchased shares worth Rs 2,569.40 crore.


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