UAE: Indian rupee rises against dirham in early trade

The Indian rupee rose 7 paise to 82.73 against the US dollar (22.54 against UAE dirham) on Wednesday amid a positive sentiment in equity markets.

Rising crude oil prices and strengthening dollar, however, weighed on the South Asian currency, according to forex traders.

At the interbank foreign exchange, the domestic unit opened stronger at 82.67 and hit the level of 82.74 against the greenback.

By 9.45am, however, the Indian rupee was trading at 82.77 against the US dollar (22.55 against the UAE dirham).

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In wake of the decent-sized down move on US yields and dollar, the Indian rupee was widely expected to "have a good opening", a forex trader at a Mumbai-based bank said.

"After that, I think it is more than likely that there will be no further dip (on USD/INR) and we move up."

The two-year US yield dropped 16 basis points on Tuesday to around 4.90 per cent, while the 10-year was down to 4.12 per cent and is now off about 34 bps from recent highs.

The dollar index had its worst session in one-and-a-half months after US job openings, a measure of labour demand, dropped 338,000 to 8.827 million on the last day of July, the lowest level since March 2021.

(With inputs from PTI, Reuters)

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