Mumbai: The Indian rupee surged against the US dollar and the UAE dirham in the forex market. The expectations over US FED meeting, sustained foreign fund inflows and positive opening of the Indian share market supported the local currency.
At the interbank foreign exchange, the Indian rupee opened strong at 74.64 against the dollar. During trading it then gained further and reached to 74.54, a rise of 14 paise over its previous close. On Tuesday, the Indian rupee had settled at 74.68 against the US dollar. The Indian currency is at 20.31 against the UAE dirham.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.01% to 94.07. Foreign institutional investors were net buyers in the Indian share market as they purchased shares worth Rs 244.87 crore.
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