Indian rupee opens flat versus UAE dirham, was trading at 19.93

Staff report/Dubai
Filed on May 20, 2021

Indian equity markets, Asian currencies, and the US dollar likely to influence the rupee in the near future, analysts say

The Indian rupee inched higher by three paise to 73.15 against the US dollar - 19.93 versus the UAE dirham - on Thursday morning in a muted trade.

The South Asian currency had closed at 73.18 against the US dollar on Wednesday.

Analysts say that Indian equity markets, Asian currencies, and the greenback will continue to influence the rupee in the near future.

Reliance Securities said the improving pandemic situation in India would also provide further support to the Indian currency.

“The US dollar index was marginally weaker this Thursday morning in Asian trade. However, downside remained limited after minutes from the Federal Reserve’s latest policy meeting revealed there was more talk of tapering their bond purchase than investors had thought," Reliance Securities said.

The 30-share Bombay Stock Exchange (BSE) was trading 52.66 points or 0.11 per cent higher at 49,955.30, while the broader 50-share National Stock Exchange (NSE) Nifty fell 10.30 points or 0.07 per cent to 15,019.85 on Thursday morning.

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