Mumbai: The Indian currency edged higher against the US dollar in the forex market. The expectations over foreign fund inflows into high profile initial public offerings (IPOs) has supported the local currency.
At the interbank foreign exchange, the Indian rupee opened strong at 74.78 against the dollar. During trading it inched to 74.77, higher by 15 paise over its previous close. On Wednesday, the Indian rupee had settled at 74.92 against the US dollar.
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The dollar index, which measures US dollar’s strength against a basket of six currencies, rose 0.08% to 93.41. Foreign institutional investors were net sellers in the Indian equity market as they offloaded shares worth Rs 3,818.51 crore.
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