Indian rupee opens lower against UAE dirham on first trading day of the week

In the previous session on Friday, the currency settled at 82.75 against the dollar

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A Staff Reporter

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Published: Mon 27 Feb 2023, 9:54 AM

The Indian rupee depreciated 19 paise to 82.94 against the US dollar (22.6 versus the UAE dirham) in early trade on Monday, weighed down by a strong American currency and a muted trend in the Indian equities.

At the Indian interbank foreign exchange, the South Asian currency opened weak at 82.87 against the dollar, then fell further to 82.94, registering a decline of 19 paise over its last close.

In the previous session on Friday, the rupee settled at 82.75 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 105.25.

Forex traders said the Indian rupee depreciated on weak markets and a positive greenback. Rebound in crude oil prices also weighed on the rupee.

Meanwhile, Brent crude futures, the global oil benchmark, declined 0.38 per cent to $82.84 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 159.67 points or 0.27 per cent lower at 59,300.22. The broader NSE Nifty declined 46.90 points or 0.27 per cent to 17,418.90.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs14.7 billion, according to exchange data.

India's forex reserves dropped by $5.681 billion to $561.267 billion in the week ended February 17, the RBI said on Friday.

(With inputs from PTI)

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