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Indian rupee gains against dollar, reaches 19.70 vs dirham

Dubai - The rupee’s gains were restricted as investors turned a bit cautious due to rising US dollar amid foreign fund outflows.

The Indian rupee advanced by three paise to 72.34 against the US dollar ((19.71 versus UAE dirham) in opening trade on Tuesday, as easing crude oil prices and buying trend in equity markets lifted sentiment.

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The rupee’s gains were, however, restricted as investors turned a bit cautious due to rising US dollar amid foreign fund outflows.

At the interbank forex market, the local unit opened flat at 72.37 against the US dollar (19.72 versus dirham), then gained some strength to quote at 72.34, a rise of 3 paise over its last close.

The rupee was trading at 19.70 at 9:30am (UAE time) against the UAE dirham, according to XE.com.

In the previous session, the rupee had settled at 72.37 against the American currency.

Global oil benchmark Brent crude futures fell 0.94 per cent to $64.01 per barrel.

In Pakistan, the buying rate of the US dollar was 155.8 (42.45 versus dirham), while it was sold at Rs156.5 (42.64 against dirham) on Tuesday, March 23.

Pakistan markets are closed today (March 23, 2021) on account of Pakistan Day.