Mumbai: The Indian rupee edged higher against the US dollar and UAE dirham in the forex market. The negative opening of the Indian share market and sustained foreign fund outflows has weighed upon the upward rally of the local currency.
At the interbank forex market, the domestic currency opened 74.43 against the American currency. During trading, it inched further and reached at 74.39, up by 4 paise against the Dollar. The Indian rupee is at 20.27 against the UAE dirham. On Tuesday, the Indian currency settled at 74.43 against the US dollar.
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The dollar index, which measures the US currency’s strength against a basket of six currencies, was up 0.03% at 93.08. Foreign institutional investors were net sellers in the share market as they offloaded shares worth Rs 178.51 crore.
‘The current crop of IPOs is not showing interest from FPIs so flows are limited. Exporters to wait for 74.50 to sell, while importers to buy near 74.30 and below. The tapering issue to continue as we wait for the US CPI data this evening’, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
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