Indian rupee appreciates against UAE dirham in early trade

The Indian rupee appreciated 14 paise to 79.64 against the US dollar (21.70 versus the UAE dirham) in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels.

At the Indian interbank foreign exchange, the rupee opened at 79.70 against the dollar, then touched 79.64 against the American currency, registering a gain of 14 paise over its previous close.

On Friday, the rupee declined by 7 paise to close at 79.78 against the dollar.

The rupee opened slightly stronger as Asian equities are flat or higher, the dollar index is at 109.80, US Treasury yields at 3.45 per cent and Asian currencies are slightly more robust than Friday closing, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

"The range for the day is expected to be 79.50 to 80 with a close watch on RBI (Reserve Bank of India) as they try to maintain the 80 level," Bhansali added.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 109.80.

Brent crude futures, the global oil benchmark, rose 0.62 per cent to $91.92 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 54.44 points or 0.09 per cent up at 58,895.23. Similarly, the broader NSE Nifty rose 23.45 points or 0.13 per cent to 17,554.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 32.6 billion on Friday, according to exchange data.

(With inputs from PTI)

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