Rupee gains 21 paise to close at 81.74 against US dollar

The Indian rupee strengthened by 21 paise to end at 81.74 against the US dollar on Wednesday, led by a slump in American currency in the overseas market and favourable domestic equities’ movement. The rupee opened at 82 levels against the US currency and later surged above its previous closing rate to touch 81.68, while it experienced a lower end of 82.01. Forex traders believe the concerns over recession in the US, along with renewed banking concerns, led to the US currency’s decline.