Indian rupee surges against US dollar and UAE dirham: Report

In the forex market, The Indian rupee surged against both the US dollar and UAE dirham. Indian rupee appreciated 13 paise to 74.11 against the US dollar in opening trade and also to 20.19 versus the UAE dirham.

The Indian rupee opened at 74.22 against the US dollar at the Indian interbank market and then it surged higher to 74.11, rising 13 paise over its previous close. The dollar index, which measures the US dollar’s strength against a basket of six currencies, was up 0.06% at 92.87.

BSE Sensex was trading 116.17 points or 0.21 percent higher at 56,060.38 in the Indian equity market front and in the meanwhile broader NSE Nifty advanced 38.50 points or 0.23 percent to 16,673.15. The surge of the Indian rupee also affects the crude oil price per barrel. Global oil benchmark Brent crude futures fell 0.48 percent to USD 71.90 per barrel. Traders said investors are awaiting cues on the scaling back of the easy monetary policy by the US Federal Reserve ahead of the important Jackson Hole Symposium.