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Forex Market: Indian rupee gains against US dollar

Mumbai: The Indian rupee edged higher against the US dollar and UAE dirham in the forex market. The weakening of the US dollar and positive trend in the Indian equity market supported the upward rally of the local currency.

At the  interbank foreign exchange, the Indian rupee opened at 74.76 against the dollar. During trading, it  inched higher to  74.71, registering a rise of 11 paise from the last close. On Tuesday, the Indian currency settled 17 paise lower at 74.82 against the US dollar. The domestic currency is trading at 20.35 against the UAE dirham.

Also Read: Big Ticket Abu Dhabi: Malayali nurse wins 250,000 UAE dirhams 

The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading 0.13% lower at 96.26.

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