Indian rupee rises to 20.37 versus UAE dirham

Dubai - Gains in Indian equities boost rupee against other currencies.

The Indian rupee appreciated 22 paise to 74.76 against the US dollar (20.37 versus the UAE dirham) at the opening of the market on Thursday, tracking a positive trend in the Indian equities.

At the Indian interbank market, the rupee opened at 74.77 against the dollar, then inched higher to 74.76 registering a rise of 22 paise over its previous close.

Forex traders said market participants remain cautious also ahead of the important Reserve Bank of India (RBI) policy statement that is scheduled to be released this Friday.

The Reserve Bank’s rate-setting panel started its three-day deliberations on the next bi-monthly monetary policy on Wednesday, amid rising global commodity prices and the need to contain inflation at home.

The decision of the six-member Monetary Policy Committee (MPC) would be announced on Friday by RBI Governor Shaktikanta Das.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 94.22.

On the Indian equity market front, BSE Sensex was trading 541.8 points or 0.92 per cent higher at 59,731.53, while the broader NSE Nifty advanced 162.90 points or 0.92 per cent to 17,808.90.

(with inputs from PTI)

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