Indian rupee rises against UAE dirham, trades at 20.23
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent down at 92.13.
The Indian rupee strengthened by six paise to 74.25 against the US dollar (20.23 against the UAE dirham) in early trade on Tuesday, tracking weakness of the American currency in the overseas market.
The rupee had opened at 74.28 against the dollar and later inched higher to 74.25 in the interbank forex market on Tuesday morning.
“Asian currencies have started flat to weaker against the greenback this Tuesday morning and could weigh on sentiments,” Reliance Securities said in a research note.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent down at 92.13.
On the equity market front, the Bombay Stock Exchange (BSE) Sensex was trading 33.57 points or 0.06 per cent higher at 52,913.57, while the broader NSE Nifty advanced 22.40 points or 0.14 per cent to 15,856.75.
Forex traders said foreign fund outflows and firm crude oil prices could weigh on investor sentiment and cap the appreciation of the local unit.
Global oil benchmark Brent crude futures rose 0.41 per cent to $77.48 per barrel.
(With inputs from PTI)
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