Mumbai: Indian rupee gained against the US dollar and UAE dirham. As per market experts, the strong buying in the Indian share market and weakening of the US currency has supported the upward rally of the Indian rupee. But the rising crude oil prices and sustained foreign fund outflow has restricted the rupee’s rise.
At the interbank foreign exchange, the domestic currency opened strong at 74.30 against the dollar. During trading, it inched further and reached at 74.29, a rise of six paise over its previous close. Indian rupee is at 20.24 against the UAE dirham. On Tuesday, the rupee had settled at 74.35 against the US dollar.
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The dollar index, which measures the US currency’s strength against a basket of six currencies is lower by 0.04% at 93.10. Foreign institutional investors were net sellers in the share market as they offloaded shares worth Rs 343.73 crore.
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