Indian rupee rises to 20.29 versus UAE dirham

Staff Report/Dubai
Filed on July 15, 2021

Dollar weakness and gains in Indian equity markets boost rupee

The Indian rupee gained 12 per cent to 74.47 against the US dollar (20.29 versus the UAE dirham) on Thursday due to weakness in the US currency.

The rupee opened at 74.48 and then inched higher to 74.47, gaining 12 paise over its previous close. At the same time, the dollar index was trading unchanged at 92.40.

"The US dollar Index crashed on Wednesday after the Federal Reserve Chair Jerome Powell told Congress that the US economy was still a ways off from levels the central bank wanted to see before tapering its monetary support," Reliance Securities said in a research note.

On the equity front, the Bombay Stock Exchange was trading 127.34 points or 0.24 per cent higher at 53,031.39, while the broader NSE Nifty advanced 30.70 points or 0.19 per cent to 15,884.65.

Forex traders said foreign fund outflows and firm crude oil prices could weigh on investor sentiment and cap the appreciation of the local unit.

(With inputs from PTI)

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