For the second consecutive session, the Indian rupee continues its upward trajectory, adding 6 paise against the US dollar in early trade, reaching 83.28 (Dh22.69). This positive trend is attributed to a weakened American currency and increased foreign fund inflow into domestic equities.
Boost from Positive Domestic Sentiment
Forex traders highlight the positive sentiment in the domestic equity markets as a significant factor driving the rupee’s strength. Additionally, a drop in crude oil prices contributes to the overall positive outlook for the Indian currency.
Interbank Exchange Movement: Dollar
Opening stronger at 83.30 against the dollar at the interbank foreign exchange, the rupee experiences a minor dip to 83.33 before settling at 83.28 against the greenback. This reflects a 6 paise increase from its previous close.
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