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Indian rupee opens higher against UAE dirham, helped by equity market gains
The dollar index fell 0.04% to 96.03.
PTI file
The Indian rupee appreciated 12 paise to 75.42 against the US dollar (20.55 versus the UAE dirham) on Thursday morning, tracking a positive trend in the Indian equity markets.
Forex traders said firm crude prices and continued foreign fund outflows weighed on the rupee and restricted the gains
At the Indian interbank foreign exchange, the rupee opened at 75.43 and inched further to 75.42 against the American dollar in early deals, a rise of 12 paise from the last close.
In the previous session, the rupee had settled at 75.54 against the greenback.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 96.03.
On the Indian equity market front, the 30-share Sensex was trading 292.41 points or 0.51 per cent higher at 57,222.97, while the broader NSE Nifty advanced 88.80 points or 0.52 per cent to 17,044.25.
Global oil benchmark Brent crude futures rose 0.27 per cent to $75.49 per barrel. Foreign institutional investors remained net sellers in the capital market on Wednesday, as they offloaded shares worth Rs 827.26 crore, as per stock exchange data.
(with inputs from PTI)
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In the previous session, the rupee had closed at 79.06 against the US dollar
Spot gold was up 0.3 per cent at $1,777.20 per ounce
It opened at 79.16 against the US dollar and touched 79.11 in initial deals
Spot gold was trading at $1,760.13 per ounce as of 9.10 am UAE time, down 0.15 per cent
Higher oil prices, month-end importer demand and global recession fears could restrict the gains for the rupee
Spot gold was up 0.2 per cent at $1,736.89 per ounce in early trade
The US central bank is widely expected to raise interest rates by another 75 basis points