Indian rupee gains against UAE dirham on global, domestic cues

Staff Report/Dubai
Filed on May 18, 2021 | Last updated on May 18, 2021 at 10.11 am

The weakening of the US dollar and surge in Indian equity markets strengthen the currency

The Indian rupee was trading nearly flat on Tuesday morning, inching up by seven paise to 73.15 against the US dollar (19.93 against UAE dirham), thanks to the weakening of the greenback and surge in the Indian equity markets. (Check out the latest gold/forex rates in UAE)

On Monday, the rupee had settled at 73.22 against the US dollar.

Most of the Asian currencies are trading stronger against the dollar and could lend support as the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 90.11.

“The US dollar index struggled against the basket of currencies this Tuesday morning in Asian trade due to renewed expectations that US interest rates will remain low for an extended period,” said Reliance Securities.

On the equity front, Bombay Stock Exchange’s 30-stock BSE Sensex was trading 477.6 points or 0.96 per cent higher at 50,058.33, while the broader 50-stock NSE Nifty jumped 148.35 points or 0.99 per cent to 15,071.50.

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