Indian rupee slips against UAE dirham as dollar strengthens

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Alamy

Dubai - The rupee opened at 74.20 against the dollar and then fell



by

Waheed Abbas

Published: Wed 25 Aug 2021, 10:58 AM

The Indian rupee declined five paise to 74.24 against the US dollar (20.22 versus the UAE dirham) in opening trade on Wednesday, tracking the firm American currency.

At the Indian interbank market, the rupee opened at 74.20 against the dollar, then fell further to 74.24, registering a fall of five paise over its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading up 0.13 per cent at 93.01.

On the Indian equity market front, BSE Sensex was trading 128.18 points or 0.23 per cent higher at 56,087.16, while the broader NSE Nifty surged 50.65 points or 0.3 per cent to 16,675.25.

"RBI and oil companies being the only buyers, RBI has been protecting 74.10 for the moment. As assets are monetised and we approach the complete sale of BPCL and IPO of LIC flows will increase only. So any good uptick needs to be sold," said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

(With inputs from PTI)


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