Rupee ends higher by 6 paise against US Dollar on firm domestic markets

The Indian currency settled higher at 74.28 against the US dollar amid strong domestic equities and a weak American currency.

At the interbank forex market, the local unit opened at 74.36 against the greenback and ended at 74.28 against the American currency, registering a rise of 6 paise over its previous close.

On Monday, the local unit gained 8 paise to close at 74.34 against the US dollar, supported by a firm trend in domestic equities and a weak American currency.

On the macro front, India’s merchandise exports grew 47.19% to $35.17 billion in July on account of healthy growth in the shipment of petroleum, engineering goods and gems and jewellery, according to provisional data of the commerce ministry. Imports during the month also rose 59.38% to $46.40 billion, leaving a trade deficit of $11.23 billion.