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UAE: Indian rupee rises against dirham in early trade
The currency is trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments
The rupee appreciated by 8 paise to 83.16 against the US dollar (Dh22.65) in early trade on Thursday on easing global crude oil prices and a positive trend in domestic equities.
Forex traders said rupee is trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 83.21 against the dollar and then touched an early high of 83.16, registering a gain of 8 paise over its previous close.
Growth in India's dominant services industry accelerated in September as already robust demand strengthened, according to a survey that also showed businesses were the most optimistic in over nine years.
That bodes well for Asia's third-largest economy, which is expected to be the fastest-growing major economy this fiscal year, defying a global slowdown trend.
S&P Global's India services purchasing managers' index (INPMIS=ECI) rose to 61.0 last month from 60.1 in August, confounding expectations in a Reuters poll for a dip to 59.5.
The reading was above the 50-mark separating growth from contraction for a 26th consecutive month.
"The latest PMI results brought more positive news for India's service economy, with September seeing business activity and new work intakes rising to one of the greatest extents in over 13 years," noted Pollyanna De Lima, economics associate director at S&P Global.
"Besides demand strength domestically, firms noted higher international sales to Asia, Europe and North America."
Inputs from wires
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