Dubai: Indian rupee rises against UAE dirham, trades at 20.28

Dubai - The Bombay Stock Exchange (BSE) Sensex was trading 258.91 points or 0.49 per cent higher.

The Indian rupee strengthened by 21 paise to 74.43 against the US dollar (20.28 versus the UAE dirham) on Monday morning on the back gains in the Indian equity markets.

The Bombay Stock Exchange (BSE) Sensex was trading 258.91 points or 0.49 per cent higher at 52,645.10, while the broader NSE Nifty advanced 90.80 points or 0.58 per cent to 15,780.60.

"Flows from Zomato IPO should start hitting the market as dollar eases after the Reserve Bank of India strongly ensured that 74.80 is not breached on the upside," said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

Bhansali expects the rupee to trade between 74.30 to 74.70 against the greenback.

"Exporters to sell near to the higher end of 74.70, while importers to buy near the lower end for near-term imports," he said.

Forex traders said foreign fund outflows and firm crude oil prices could weigh on investor sentiment and cap the appreciation of the local unit. Global oil prices fell 0.21 per cent to $75.39 per barrel on Monday.

(With inputs from PTI)

• Dubai