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Forex Market: Indian rupee edges higher against US Dollar, UAE dirham

Mumbai: The Indian rupee edged higher against the US dollar and UAE Dirham. The expectation over the Reserve Bank of India’s (RBI) policy decision on Friday has influenced the domestic currency.

At the interbank foreign exchange, the local currency opened at 74.15 against the US dollar, registering a gain of 4 paise over its previous close. On Wednesday, the Indian rupee settled at 74.19 against the US currency. The Indian rupee is at 20.20 against the UAE dirham.

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The dollar index which measures the US currency’s strength against a basket of six currencies is higher by 0.02% to 92.29. The dollar-rupee August contract on the NSE was at Rs 74.34 in the last session. The open interest was up by 5% for the August series.

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