Indian rupee drops to 20.35 versus UAE dirham

Staff Report/Dubai
Filed on July 7, 2021
File photo

High oil prices, firm US dollar weigh on Indian currency

The Indian rupee fell 15 paise to 74.70 against the US dollar (20.35 versus the UAE dirham) on Wednesday morning amid a weak risk appetite in the region.

Traders said firm US dollar, rising crude oil prices and broad weakness in the domestic equity market also weighed on investor sentiment.

Also read: Gold slips below $1,800; 24K trades at Dh217.75 in Dubai

At the interbank foreign exchange, the rupee opened at 74.60 against the dollar, then fell further to 74.70, registering a fall of 15 paise over its previous close.

On Tuesday, the rupee had settled at 74.55 against the US dollar.

The Indian rupee started on a weaker note this Wednesday against the greenback tracking broad dollar strength and weak regional risk appetite, Reliance Securities said in a research note.

Asian currencies have started weaker against the American currency this morning and could weigh on sentiments, the note added.

Global oil benchmark Brent crude futures fell 0.03 per cent to $74.55 per barrel. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.03 per cent at 92.52 ahead of the minutes from the Fed’s June meeting.

The Bombay Stock Exchange (BSE) Sensex was trading 14.54 points or 0.03 per cent higher at 52,875.72, while the broader NSE Nifty advanced 0.60 points to 15,817.65.

(With inputs from PTI)

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