Indian rupee surges against dollar, touches 20.39 against UAE dirham

Indian rupee surges against dollar, touches 20.39 against UAE dirham

The rupee gained 17 paise to 74.87 against the US dollar in opening trade on Wednesday tracking positive domestic equities and weak American currency.

At the interbank forex market, the domestic unit opened at 74.93 against the US dollar, gained further ground and touched 74.87 against the US dollar, registering a gain of 17 paise over its previous close.  The rupee was trading at 20.39 against the UAE dirham, at 12pm (UAE time), according to XE.com

It had settled at 75.04 against the US dollar on Tuesday.

Forex traders said positive trend in the equity markets, weak American currency and sustained foreign fund inflows supported the rupee.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies,