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Indian rupee gains against UAE dirham, trades at 20.24

Investors will remain cautious ahead of the US Federal Reserve's meeting due next week

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The Indian rupee appreciated by 15 paise to 74.29 against the US dollar (20.24 against the UAE dirham) in opening trade on Thursday, even as the India equity market was trading with significant losses.

At the Indian interbank foreign exchange, the rupee opened at 74.43 against the American dollar, then inched higher to 74.29, registering a rise of 15 paise from the last close.

In the previous session, the rupee settled at 74.44 against the greenback.

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The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent higher at 95.53.

The US dollar, along with benchmark 10-year yields and crude prices came off multi-year highs and could lend support to the domestic unit, Reliance Securities said in a research note.

However, investors will remain cautious ahead of the US Federal Reserve's meeting due next week, it added.

On the Indian equity market front, the 30-share Sensex was trading 383.54 points or 0.64 per cent lower at 59,715.28, while the broader NSE Nifty declined 99.45 points or 0.55 per cent to 17,838.95.

Global oil benchmark Brent crude futures fell 0.12 per cent to $88.33 per barrel.

(With inputs from PTI)

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