UAE: Indian rupee inches up against dirham in early trade

A weak greenback against major currencies overseas weighed in favour of the South Asian currency amid concerns over oil supplies, experts say

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Photo: AFP file
Photo: AFP file

Published: Wed 20 Dec 2023, 10:10 AM

Last updated: Wed 20 Dec 2023, 10:22 AM

The Indian rupee appreciated 4 paise to 83.14 against the US dollar (22.65 against UAE dirham) in early trade on Wednesday as robust buying in domestic equities bolstered investor sentiment.

Forex traders said a weak greenback against major currencies overseas weighed in favour of the South Asian currency amid concerns over oil supplies due to the geopolitical situation.

At the interbank foreign exchange, the rupee opened at 83.17 and gained further to trade at 83.14 against the greenback, registering a rise of 4 paise over its previous closing rate.

[Editor's Note: For real-time forex rates, click on the widget below or visit KT's dedicated Trading News page here.]

On Tuesday, the South Asian currency settled at 83.18 against the dollar (22.66 against dirham).

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent higher at 101.81 on Tuesday.

Global oil price benchmark Brent crude was 0.08 per cent lower at $79.17 per barrel.

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