Mumbai: The Indian rupee surged against the US dollar and UAE dirham in the forex market; As per market experts, the positive opening of the Indian share market supported the local currency.
At the interbank foreign exchange, the rupee opened at 74.22 against the US dollar. During trading, it inched higher to reach at 74.11, up 13 paise over its previous close. On Wednesday, the rupee had settled at 74.24 against the US dollar. The Indian rupee is at 20.19 against the UAE dirham.
The dollar index, which measures the US dollar’s strength against a basket of six currencies, was up 0.06% at 92.87.
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Traders said investors are awaiting cues on the scaling back of the easy monetary policy by the US Federal Reserve ahead of the important Jackson Hole Symposium.
‘Jackson Hole Symposium starts today with Jerome Powell’s speech tomorrow. The market is awaiting his comments before taking the next call on market movement’, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
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