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Indian rupee rises against UAE dirham as dollar retreats

Forex traders say sustained foreign fund outflows weighed on the rupee and restricted the appreciation bias

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The Indian rupee gained 11 paise to 82.68 against the US dollar (22.52 versus the UAE dirham) in early trade on Tuesday as the American currency retreated from its elevated levels.

Forex traders said sustained foreign fund outflows weighed on the rupee and restricted the appreciation bias.

At the Indian interbank foreign exchange, the South Asian currency opened at 82.69 against the dollar and marginally rose to 82.68, registering a rise of 11 paise over its previous close amid a positive trend in domestic equities.

On February 27, the rupee closed at 82.79 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 104.73.

Brent crude futures, the global oil benchmark, advanced 0.17 per cent to $82.59 per barrel.

Forex traders said the rupee is likely to trade with a negative bias on risk aversion in global markets and positive greenback.

Moreover, month-end dollar demand from importers may also weigh on the rupee,” traders said.

In the Indian equity market, the 30-share BSE Sensex rose 84.34 points or 0.14 per cent to 59,372.69 points. The broader NSE Nifty advanced 11.15 points or 0.06 per cent to 17,403.85 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on February 27 as they offloaded shares worth Rs20.22 billion, according to exchange data.

(With inputs from PTI)

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