Mumbai: The rupee surged against the US dollar in the forex market. As per the market experts, the positive opening of the Indian equity market and weakening of the US dollar has supported the upward rally of the Indian currency. But the rising crude oil prices and sustained foreign fund outflows capped the rise of the rupee.
At the interbank foreign exchange, the Indian rupee opened strong at 75.31. During trading it then inched to 75.30 against the American dollar, higher 15 paise. On Monday, the Indian currency settled at 75.45 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, fell 0.09% to 96.24. Foreign institutional investors remained net sellers in the Indian share market as they offloaded shares worth Rs 3,361.28 crore.
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