Rupee Gains to 94.58 Against US Dollar
The rupee rose 17 paise to settle at 94.58 against the US dollar on Wednesday. Forex traders said a positive domestic equities market supported the local currency. The outcome of the US midterm elections also improved global sentiment, according to the same traders. The paise is one hundredth of a rupee, so 17 paise is a small move in value.
Context
Context: The rupee has been weakening against the dollar for a long time, so a single day's gain draws attention from importers, students and travellers. The dollar is the currency most global trade is priced in.
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