Indian rupee gains against UAE dirham in early trade

Investors remain concerned over rising crude prices in the overseas markets and persistent foreign capital outflows, say forex traders

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A Staff Reporter

Published: Wed 8 Feb 2023, 10:02 AM

The Indian rupee appreciated four paise to 82.66 against the US dollar (22.52 versus the UAE dirham) in early trade on Wednesday, supported by a firm trend in Indian equities.

However, investors remained concerned over rising crude prices in the overseas markets and persistent foreign capital outflows, forex traders said.

At the Indian interbank foreign exchange, the South Asian currency opened strong at 82.67 against the dollar, then inched higher to 82.66, a rise of 4 paise over its last close.

In early deals, it was moving in a close range of 82.66-82.67. On Tuesday, the rupee rose 6 paise to close at 82.70 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.10 per cent to 103.33.

Brent crude futures, the global oil benchmark, advanced 0.18 per cent to $83.84 per barrel.

Meanwhile, the 30-share BSE Sensex was trading 220.75 points or 0.37 per cent higher at 60,506.79 points. The broader NSE Nifty advanced 71.35 points or 0.40 per cent to 17,792.85 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs25.59 billion, according to exchange data.

(With inputs from PTI)

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