Indian rupee drops further against UAE dirham, trades at 20.33

Dubai - Strengthening crude oil prices and risk-off sentiments could weigh on the markets

The Indian rupee depreciated 32 paise to 74.63 against the US dollar (20.33 versus the UAE dirham) in opening trade on Tuesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the Indian interbank foreign exchange, the rupee opened on a weak note at 74.63, registering a decline of 32 paise from the last close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.22 per cent to 93.98.

Sriram Iyer, senior research analyst at Reliance Securities, said the Indian rupee opened weak this Tuesday morning against the dollar, tracking the strength of the greenback.

Additionally, strengthening crude oil prices and risk-off sentiments could weigh on the markets, he said.

Most emerging market and Asian currencies have started weaker this Tuesday morning and will weigh on sentiments, Iyer noted.

On the Indian equity market front, the 30-share Sensex was trading 107.03 points or 0.18 per cent lower at 59,192.29. The broader NSE Nifty was trading 22.50 points or 0.13 per cent down at 17,668.75.

(With inputs from PTI)

• Dubai