Mumbai: The Indian rupee surged against the US dollar in the forex market. The positive trend in the Indian equity market and weakening of the US dollar supported the domestic currency. However, rising concerns over higher interest rates and weakness in global economic growth kept the appreciation bias in check
At the the interbank foreign exchange, the Indian rupee opened strong at 77.27 against the American dollar. During trading it gained to quote 77.24 in early trade, registering a rise of 20 paise from the last close. On Monday, the Indian rupee had slumped 54 paise to close at an all-time low of 77.44 against the US dollar.
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The dollar index, which measures the US dollar’s strength against a basket of six currencies, slipped 0.07%to 103.58. Foreign institutional investors remained net sellers in the Indian capital market, as they offloaded shares worth Rs 3,361.80 crore.
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