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Indian rupee slips to 20.21 versus UAE dirham
Dubai - High oil price weighs on South Asian currency.
The Indian rupee slipped 10 paise to 74.20 against the US dollar (20.21 against UAE dirham) at the opening of the trade on Tuesday due to rising oil price and stronger US dollar.
Oil benchmark Brent crude futures rose 0.32 per cent to $75.14 per barrel. While the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 0.03 up 91.93 per cent.
"Asian currencies have started weak against the greenback this Tuesday morning and surging crude oil prices could continue to keep appreciation bias limited," Reliance Securities said in a research note.
"The US dollar index was flat this morning in Asian trade ahead of the Fed Chairman Powell testimony tonight. Investors will wait and watch if he confirms the hawkish outlook or tries to row back market expectations of faster tightening," the Reliance Securities'' note said.
The Bombay Stock Exchange (BSE) Sensex was trading 471.17 points or 0.90 per cent higher at 53,045.63, while the broader NSE Nifty advanced 144 points or 0.91 per cent to 15,890.50.
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