Indian rupee slightly drops against UAE dirham in early trade

A positive trend in the Indian equities and easing crude oil prices supported the local unit and restricted the fall, say forex traders

Reuters file photo

A Staff Reporter

Published: Tue 21 Feb 2023, 9:58 AM

Last updated: Tue 21 Feb 2023, 10:01 AM

The Indian rupee depreciated 3 paise to 82.76 against the US dollar (22.01 against the UAE dirham) in early trade on Tuesday, weighed down by a strong American currency.

Forex traders said the rupee is trading in a narrow range as a positive trend in the Indian equities and easing crude oil prices supported the local unit and restricted the fall.

At the interbank foreign exchange, the rupee opened weak at 82.76 against the dollar, registering a decline of 3 paise over its last close.

In the previous session on Monday, the rupee settled at 82.73 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.19 per cent to 104.05.

Brent crude futures, the global oil benchmark, declined 1.11 per cent to $83.14 per barrel.

Lack of triggers is keeping volumes subdued, forex traders said, adding that over this week, the focus will be on European flash PMIs and the US Fed minutes.

In the Indian equity market, the 30-share BSE Sensex was trading 104.11 points or 0.17 per cent higher at 60,795.65. The broader NSE Nifty advanced 14.25 points or 0.08 per cent to 17,858.85.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs1.58 billion, according to exchange data.

(With inputs from PTI)

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