Indian rupee slightly weakens against UAE dirham

A weak greenback supported the South Asian currency and restricted the decline, forex traders said

A Staff Reporter

Published: Fri 16 Dec 2022, 10:07 AM

The Indian rupee depreciated four paise to 82.80 against the US dollar (22.56 versus the UAE dirham) in early trade on Friday due to losses in Indian equities and risk aversion in global markets.

However, a weak greenback supported the South Asian currency and restricted the decline, forex traders said.

At the Indian interbank foreign exchange, the rupee opened weak at 82.84 against the dollar, then gained some ground to quote at 82.80, registering a fall of 4 paise over its previous close.

In the previous session on Thursday, the rupee settled 27 paise lower at 82.76 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.28 per cent to 104.27.

Brent crude futures, the global oil benchmark, advanced 0.59 per cent to $81.69 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 293.36 points or 0.47 per cent lower at 61,505.67. The broader NSE Nifty fell 77.85 points or 0.42 per cent to 18,337.05.

Foreign Institutional Investors (FIIs) turned net sellers in the capital markets on Thursday as they offloaded shares worth Rs7.1 billion, according to exchange data.

(With inputs from PTI)

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