Currency Buzz: INR Tracks Local Equities Higher

5 Jan 2022 , 05:01 PM

The Indian rupee surged 23 paise to close at 74.35 (provisional) against the US dollar on Wednesday, tracking gains in domestic equity markets. At the interbank forex market, the local unit opened up at 74.54 against the greenback and witnessed an intra-day high of 74.30 and a low of 74.55. It finally settled at 74.35, a rise of 23 paise over its previous close. In the previous session, the rupee tumbled 30 paise to close at 74.58 against the US dollar. Dollar index reversed gains taking cues from fall in US Treasury bond yields ahead of the Federal Open Market Committee (FOMC) meeting minutes. The dollar index, which measures the greenbacks strength against the basket of six currencies, fell to 96.10.

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