Mumbai: The Indian rupee surged against the US dollar and UAE dirham in the forex market. The positive trend in the Indian share market has supported the local currency. But the growing concerns over the Omicron variant of the coronavirus and its impact on economic recovery, rising crude oil prices and strengthening of the US dollar in the international market weighed on the rupee and kept the appreciation bias limited.
At the interbank foreign exchange, the Indian rupee opened strong at 74.54 against the US dollar. It then inched higher to 74.48, registering a rise of 10 paise from the last close. The domestic currency is trading at 20.29 against the USE dirham. On Tuesday the Indian rupee shed 30 paise to close at 74.58 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, was trading unchanged at 96.25.
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