Indian rupee gains further against UAE dirham
'The rupee has been gaining on bountiful corporate inflows'
The Indian rupee continued its upward trajectory against the US dollar and the UAE dirham on Tuesday on the back of gains in the Indian equity markets.
The rupee appreciated four paise to 73.25 against the US dollar (19.95 versus the UAE dirham) in opening trade on Tuesday.
At the Indian interbank market, the rupee opened at 73.26 against the dollar, then inched higher to 73.25.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.12 per cent at 92.54.
According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee which has appreciated nearly one rupee since Friday, has been gaining on bountiful corporate inflows.
"RBI has been present intermittently and equity inflows have also been aiding the rupee after Fed rhetoric on Friday," he added.
The US Fed chief Jerome Powell’s speech at Jackson Hole Symposium was ''dovish'' and expressed hope that the Fed will keep supporting the market with low interest rates, traders said.
On the Indian equity market front, BSE Sensex was trading 87.09 points or 0.15 per cent higher at 56,976.85, while the broader NSE Nifty advanced 21.55 points or 0.13 per cent to 16,952.60.
(with inputs from PTI)
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