Indian rupee jumps against UAE dirham in early trade

The dollar index, which gauges the greenback's strength against a basket of six currencies, rises 0.05% to 102.96


A Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Photo: AFP
Photo: AFP

Published: Mon 3 Jul 2023, 10:24 AM

Last updated: Mon 3 Jul 2023, 2:30 PM

The Indian rupee rose 33 paise to 81.77 against the US dollar (22.28 versus the UAE dirham) in early trade on Monday supported by sustained foreign fund inflows and bullish momentum in the Indian equities as benchmark indices touched all-time highs.

At the Indian interbank foreign exchange, the rupee opened at 82.01 against the dollar and then rose to 81.77, registering a gain of 33 paise over its previous close.

On Friday, the rupee closed at 82.10 against the US currency.

Forex traders said the rupee is trading on a positive note on significant foreign fund inflows and positive macroeconomic indicators.

According to Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, the rupee is likely to trade in the range of 81.90 to 82.20 during the day.

“Rupee looks to remain in the above range as Macro data from India comes out much better than most other countries. The GST figures and the core sector growth were all better than expected," Bhansali said.

Foreign Portfolio Investors (FPIs) pumped 47.14 billion rupees into Indian equities in June, making it the highest inflow in 10 months.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 102.96.

Brent crude futures, the global oil benchmark, was trading 0.07 per cent higher at $75.46 per barrel.

In the Indian equity market, the 30-share BSE Sensex advanced 385.17 points or 0.60 per cent to touch an all-time high level of 65,103.73. The broader NSE Nifty also rose 112.35 points or 0.59 per cent to a lifetime high of 19,301.40.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth ₹63.97 billion, according to exchange data.

(With inputs from PTI)


More news from Business