Indian rupee appreciates against UAE dirham as oil prices slide

Forex traders say muted Indian equities and foreign fund outflows weighed on the rupee and restricted the appreciation bias



Photo: Reuters file
Photo: Reuters file
by

A Staff Reporter

Published: Thu 8 Dec 2022, 10:17 AM

Last updated: Thu 8 Dec 2022, 10:18 AM

The Indian rupee appreciated 19 paise to 82.28 against the US dollar (22.42 versus the UAE dirham) in early trade on Thursday in line with its Asian peers and a slide in crude oil prices.

Forex traders said muted Indian equities and foreign fund outflows weighed on the rupee and restricted the appreciation bias.

At the Indian interbank foreign exchange, the rupee opened at 82.34 against the dollar, then gained further ground to touch 82.28, registering a rise of 19 paise over its previous close.

On Wednesday, the rupee pared initial losses and settled marginally higher at 82.47 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.18 per cent to 105.28.

Brent crude futures, the global oil benchmark, advanced 0.95 per cent to $77.90 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 35.72 points or 0.06 per cent higher at 62,446.40. The broader NSE Nifty rose 13.15 points or 0.07 per cent to 18,573.65.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs12.41 billion, according to exchange data.

(With inputs from PTI)

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