Indian rupee rises against UAE dirham, touches 20.25

Staff Report/Dubai
Filed on August 2, 2021

The increase is supported by a firm trend in domestic equities and weak American currency.

The Indian rupee rose nine paise to 74.33 against the US dollar (20.25 versus UAE dirham) in early trade on Monday, supported by a firm trend in domestic equities and weak American currency.

The rupee opened at 74.38 against the dollar and later inched higher to 74.33, registering a gain of nine paise over its previous close.

Meanwhile, the dollar index was trading 0.10 per cent down at 92.08.

Regional currencies have started marginally weaker against the dollar early Monday morning and keep appreciation bias limited, Reliance Securities said in a research note.

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With the economy re-opening in India, risk appetite could improve and lend support. However, investors will be wary of firm crude prices, the note said. Investors will also look to cues from the Reserve Bank of India''s monetary policy meeting this week, it added.

The BSE Sensex was trading 280.31 points or 0.53 per cent higher at 52,867.15, while the broader NSE Nifty advanced 88.90 points or 0.56 per cent to 15,851.95.

Global oil benchmark Brent crude futures declined 1.05 per cent to $74.62 per barrel.

(With inputs from PTI)

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