Mumbai: The Indian rupee appreciated against the US dollar in the forex market. The firm crude oil prices and positive trend in the Indian equity market supported the upward rally of the local currency. But the sustained foreign fund outflows weighed upon the Indian currency and restricted the gains.
At the interbank foreign exchange, the local currency opened at 75.43. During trading it inched higher to 75.42 against the US dollar, a rise of 12 paise from the last close. On Tuesday, the Indian rupee had settled at 75.54 against the US dollar. The Indian rupee is trading at 20.55 against the UAE dirham.
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The dollar index, which measures the US currency’s strength against a basket of six currencies, fell 0.04% to 96.03. Foreign institutional investors remained net sellers in the Indian equity market as they offloaded shares worth Rs 827.26 crore.
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