Travel Tricks explores collaboration for MICE opportunities
business3 days ago
The Indian rupee rose 13 paise to 81.61 against the US dollar (22.23 versus the UAE dirham) in early trade on Wednesday supported by easing crude oil prices.
Forex traders said sustained foreign fund outflows and a weak trend in the Indian equities weighed on investor sentiments and restricted the appreciation bias.
At the Indian interbank foreign exchange, the Indian rupee opened at 81.73 against the dollar, then gained ground to touch 81.61, registering a rise of 13 paise over its previous close.
On Tuesday, the rupee settled at 81.74 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.08 per cent to 103.31.
Brent crude futures, the global oil benchmark, fell 0.71 per cent to $79.53 per barrel.
The rupee was the best-performing Asian currency on Tuesday, IFA Global Research Academy said in a research note.
“We have been highlighting that the RBI (Reserve Bank of India) may buy reserves less aggressively now given that relative rupee overvaluation has corrected significantly and banking system liquidity is in a considerable surplus,” it said, adding that the rupee is likely to trade in a 81.50-81.80 range with a downside bias.
In the Indian equity market, the 30-share BSE Sensex was trading 76.13 points or 0.13 per cent lower at 60,039.35. The broader NSE Nifty fell 21.90 points or 0.12 per cent to 17,892.25.
Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs21.09 billion, according to exchange data.
(With inputs from PTI)
ALSO READ:
Travel Tricks explores collaboration for MICE opportunities
business3 days ago
6G will further elevate capabilities of robots, AI, autonomous transport and remote surgery/diagnostics among others
business4 days ago
Net profit (after tax) up 32% per cent y-o-y to Dh1.45 billion
business4 days ago
UAE business activity and business confidence remained strong
business4 days ago
Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
business5 days ago
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
business5 days ago
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
business5 days ago
Move aims to deepen multi-sectoral cooperation
business5 days ago