Indian rupee gains against UAE dirham, trades at 20.23

Staff Report/Dubai
Filed on August 23, 2021

The US dollar struggles against its major rivals in the overseas market

The Indian rupee appreciated 13 paise to 74.26 against the US dollar (20.23 versus the UAE dirham) on Monday morning due to weaker greenback and a strong rally in the Indian equity markets.

The rupee opened strong at 74.27 in the Indian interbank market, then lost some ground to 74.26, registering a rise of 13 paise over its previous close of 74.39.

Forex traders said rising crude prices in the international market and foreign fund outflows capped the rupee gains. Global oil benchmark Brent crude futures surged 1.93 per cent to $66.44 per barrel.

On the Indian equity front, BSE Sensex was trading 245.07 points or 0.44 per cent higher at 55,574.39, while the broader NSE Nifty rose 52.60 points or 0.32 per cent to 16,503.10.

The US dollar was struggling against its major rivals in the overseas market. The dollar index slipped 0.20 per cent to 93.30.

Meanwhile, foreign institutional investors were net sellers in the capital market on Friday.

(With inputs from PTI)

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