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Rupee Strengthens Against Dollar, Supported by Foreign Inflows

For the second day in a row, the Indian rupee rose during the early trading session on Wednesday.

In the early trade session on Wednesday, the Indian rupee continued its upward trajectory for the second consecutive day, marking a gain of 6 paise to reach 83.28 (equivalent to Dh22.69) against the US dollar. 

This surge was propelled by several factors, including a weaker US dollar and increased foreign investments in domestic equities.

Factors Driving Rupee’s Rise:

Forex traders attributed the rupee’s ascent to a positive sentiment prevailing in the domestic equity markets. 

Additionally, the decrease in crude oil prices played a significant role in bolstering the Indian currency.

Rupee’s Performance in Trading:

At the onset of trading in the interbank foreign exchange, the rupee commenced stronger at 83.30 against the dollar. 

Although it experienced a minor dip to 83.33, it later rallied to settle at 83.28 against the greenback, marking a 6-paise increase from its previous close.

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