Indian rupee dips despite big gains in equity markets

Staff Report/Dubai
Filed on September 6, 2021

(PTI file)

Rupee trades at 19.90 versus the UAE dirham on Monday morning.

The Indian rupee fell four paise to 73.06 against the US dollar (19.90 versus the UAE dirham) in opening trade on Monday, tracking a stronger US currency.

At the Indian interbank market, the rupee opened at 73.02 against the dollar, then fell further to 73.06, registering a fall of four paise over its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading up 0.18 per cent at 92.20.

Forex traders said a rally in domestic equities and sustained foreign fund inflows supported the rupee and contained the depreciation bias.

On the Indian equity market front, after hitting an all-time high of 58,515.85, the BSE Sensex was trading 274.79 points or 0.47 per cent higher at 58,404.74, while the broader NSE Nifty surged 74.70 points or 0.43 per cent to 17,398.30. The index touched an intra-day high of 17,429.55 in initial deals.

Meanwhile, foreign institutional investors were net buyers in the capital market on Friday, as they purchased shares worth Rs768.58 crore, as per exchange data.

(with inputs from PTI)

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