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Indian rupee gains against UAE dirham ahead of RBI meeting

The currency could also track gains in global equity markets

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The Indian rupee appreciated six paise to 74.68 against the US dollar (20.34 versus the UAE dirham) in the opening trade on Wednesday, supported by firm Indian equities and weak American currency.

At the Indian interbank foreign exchange, the rupee opened at 74.7 against the dollar and then inched higher to quote 74.68, registering a rise of six paise from the last close.

On Tuesday, the Indian rupee had settled at 74.74 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 per cent lower at 95.53.

The Indian rupee started flat to marginally stronger this Wednesday morning in early trades tracking a fall in crude oil prices, Sriram Iyer, senior research analyst at Reliance Securities said, adding that markets could remain choppy ahead of the Reserve Bank of India’s MPC decision on Thursday.

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Additionally, the currency could also track gains in the global and Indian equity markets, which are trading higher this morning, Iyer said.

On the Indian equity market front, the 30-share Sensex was trading 483.59 points, or 0.84 per cent, higher at 52,292 points. While the broad NSE Nifty advanced 150.55 points or 0.87 per cent to 17,417 points.

Oil prices rose 0.46 per cent to $91.2 per barrel.

(With inputs from PTI)

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