Indian rupee trades flat against UAE dirham

The Indian rupee opened flat against the US dollar on Thursday as softening crude oil prices in global markets supported the South Asian currency.

Experts said the rupee is trading in a narrow range as muted Indian equities and sustained foreign fund outflows capped the appreciation bias.

At the Indian interbank foreign exchange, the rupee opened at 82.77 against the dollar, then gained ground to quote at 82.76 (22.55 versus the UAE dirham).

On Wednesday, the rupee gained seven paise to close at 82.80 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 104.35.

Brent crude futures, the global oil benchmark, declined 0.31 per cent to $83 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 346.35 points or 0.57 per cent lower at 60,563.93.

The broader NSE Nifty fell 103.10 points or 0.57 per cent to 18,019.40.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs8.72 billion, according to exchange data.

“Rupee has been in the 82.40-82.91 range for 13 sessions now. It ended flat at 82.86 yesterday. There were dollar bids to fix on account of expiry yesterday but USD/INR eased post-fix. USD/INR is likely to trade in an 82.65-82.95 range with sideways price action," IFA Global Research Academy said in a research note.

(With inputs from PTI)

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